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SEMI-ANNUAL REPORT iShares Asia Trust

• iShares MSCI China Index ETF • iShares MSCI China A International Index ETF • iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) • iShares Core S&P BSE SENSEX India Index ETF • iShares Core MSCI AC Asia ex Japan Index ETF • iShares MSCI Emerging Asia Index ETF • iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) • iShares Core KOSPI 200 Index ETF • iShares Core MSCI Taiwan Index ETF • iShares DAX Index ETF • iShares EURO STOXX 50 Index ETF • iShares FTSE 100 Index ETF • iShares NASDAQ 100 Index ETF • iShares Core Hang Seng Index ETF (Sub-funds of iShares Asia Trust)

For the Period Ended 30th June 2017 iShares Asia Trust

Contents

Report of the Manager to the Unitholders 3

Condensed Statement of Financial Position 34

Condensed Statement of Comprehensive Income 41

Condensed Statement of Changes in Net Assets Attributable to Unitholders 47

Condensed Statement of Cash Flows 53

Notes to the Unaudited Condensed Financial Statements 59 iShares MSCI China Index ETF 110 Investment Portfolio (unaudited) Statement of Movements in Investment Portfolio (unaudited) Performance Record (unaudited) iShares MSCI China A International Index ETF 121 Investment Portfolio (unaudited) Statement of Movements in Investment Portfolio (unaudited) Performance Record (unaudited) iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) 146 Investment Portfolio (unaudited) Statement of Movements in Investment Portfolio (unaudited) Holdings of Collateral (unaudited) Performance Record (unaudited) iShares Core S&P BSE SENSEX India Index ETF 172 Investment Portfolio (unaudited) Investment Portfolio of iShares BSE SENSEX Mauritius Company (unaudited) Statement of Movements in Investment Portfolio (unaudited) Performance Record (unaudited) iShares Core MSCI AC Asia ex Japan Index ETF 176 Investment Portfolio (unaudited) Statement of Movements in Investment Portfolio (unaudited) Performance Record (unaudited) iShares MSCI Emerging Asia Index ETF 207 Investment Portfolio (unaudited) Statement of Movements in Investment Portfolio (unaudited) Performance Record (unaudited)

iShares Asia Trust 1 iShares Asia Trust

Contents (Continued)

iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* 230 (*This is a synthetic ETF)) Investment Portfolio (unaudited) Statement of Movements in Investment Portfolio (unaudited) Performance Record (unaudited) iShares Core KOSPI 200 Index ETF 255 Investment Portfolio (unaudited) Statement of Movements in Investment Portfolio (unaudited) Performance Record (unaudited) iShares Core MSCI Taiwan Index ETF 267 Investment Portfolio (unaudited) Statement of Movements in Investment Portfolio (unaudited) Performance Record (unaudited) iShares DAX Index ETF 274 Investment Portfolio (unaudited) Statement of Movements in Investment Portfolio (unaudited) Performance Record (unaudited) iShares EURO STOXX 50 Index ETF 277 Investment Portfolio (unaudited) Statement of Movements in Investment Portfolio (unaudited) Performance Record (unaudited) iShares FTSE 100 Index ETF 282 Investment Portfolio (unaudited) Statement of Movements in Investment Portfolio (unaudited) Performance Record (unaudited) iShares NASDAQ 100 Index ETF 290 Investment Portfolio (unaudited) Statement of Movements in Investment Portfolio (unaudited) Performance Record (unaudited) iShares Core Hang Seng Index ETF 298 Investment Portfolio (unaudited) Statement of Movements in Investment Portfolio (unaudited) Performance Record (unaudited)

Management and Administration 303

2 iShares Asia Trust Report of the Manager to the Unitholders

iShares MSCI China Index ETF (a Sub-Fund of iShares Asia Trust)

Introduction The iShares MSCI China Index ETF (the “MSCI China ETF”) (the “Sub-Fund”), a sub-fund of the iShares Asia Trust (the “Trust”), was launched on 23rd November 2001 and commenced trading under the stock code 2801 on The Stock Exchange of Hong Kong Limited (the “SEHK”) on 28th November 2001. The MSCI China ETF is a Hong Kong unit trust authorized under the Securities and Futures Ordinance (Cap. 571) of Hong Kong. The MSCI China ETF is benchmarked against the MSCI China Index. The Manager of the MSCI China ETF is BlackRock Asset Management North Asia Limited (the “Manager”) and the trustee is HSBC Institutional Trust Services (Asia) Limited (the “Trustee”).

As of 30th June 2017, the MSCI China ETF invests in Chinese securities (including H-shares, Red Chips and P Chips) listed on the SEHK, B-shares of Chinese securities listed on the Shanghai Stock Exchange and the Shenzhen Stock Exchange and depositary receipts. Under the PRC Corporate Income Tax Law, the MSCI China ETF may be liable to pay PRC tax on the capital gains realized in the trading of these securities. However, no provision was made for taxation from such gains in the condensed financial statements as the Manager believes that the MSCI China ETF can sustain a position for not filing a tax return based on the existing tax regulations and that the enforcement of such PRC tax on capital gains is not probable.

Fund Performance The MSCI China ETF seeks to provide investment results, before fees and expenses, that closely correspond to the performance of the MSCI China Index in Hong Kong dollar (“HK$”) terms. As at 30th June 2017, the net asset value, applicable to primary market creations and redemptions (“Dealing NAV”) per unit of the MSCI China ETF was HK$23.16, and there were 87,000,000 units outstanding. The total size of the Sub-Fund was approximately HK$2.0 billion.

A summary of the performance of the MSCI China ETF(a) is given below.

01.01.2017 01.01.2016 01.01.2015 01.01.2014 01.01.2013 01.01.2012 01.01.2011 01.01.2010 23.11.2001 (date to to to to to to to to of inception) to Total Return(b) in HK$ 30.06.2017 31.12.2016 31.12.2015 31.12.2014 31.12.2013 31.12.2012 31.12.2011 31.12.2010 30.06.2017(f) MSCI China Index(c) 25.72% 0.94% -7.88% 7.98% 3.68% 22.50% -18.48% 4.89% 12.91% MSCI China ETF NAV-to-NAV(d) 25.27% 0.34% -8.18% 7.33% 3.06% 21.46% -18.87% 3.96% 11.97% MSCI China ETF Market-to-Market (MKT)(e) 25.27% -0.05% -7.28% 6.98% 2.43% 21.88% -18.99% 4.50% 11.75%

(a) Past performance figures shown are not indicative of the future performance of the Sub-Fund. (b) Total return represents the rate that an investor would have earned (or lost) on an investment, assuming reinvestment of all dividends and distributions. Calculated as at 30th June/31st December. (c) An investor cannot invest directly in an index and the index performance returns do not reflect management fees, transaction costs or other expenses, which would reduce performance returns of the Sub-Fund. (d) Units in the Sub-Fund are issued and redeemed at NAV. Therefore, the Sub-Fund does not publish a bid price and the Sub-Fund’s returns have been calculated from NAV. (e) Market returns are calculated using historical market closing prices (when NAV is normally determined for the Sub-Fund), and do not represent the returns you would receive if you traded units at other times. (f) This is the annualized return since fund inception. The Sub-Fund inception date is 23rd November 2001.

Source: BlackRock, MSCI Barra and WM/Reuters

iShares Asia Trust 3 Report of the Manager to the Unitholders iShares MSCI China Index ETF (a Sub-Fund of iShares Asia Trust)

Fund Performance The MSCI China Index is a free-float adjusted market capitalization-weighted index that is compiled and published by MSCI Inc. It is designed to track the equity market performance of (i) Chinese securities (including H-shares, Red Chips and P Chips) listed on the SEHK (ii) B-shares of Chinese securities listed on the Shanghai Stock Exchange and the Shenzhen Stock Exchange and (iii) companies traded outside the country of classification (i.e. foreign listed companies) including those traded by way of depositary receipts. The difference in performance between the MSCI China Index and the MSCI China ETF is mainly attributed to fees and expenses, and security misweights.

Fund Activities The average daily trading volume for the MSCI China ETF during the period was reported by Bloomberg to be approximately 127,008 units. As at 30th June 2017, the MSCI China ETF comprised 87,000,000 outstanding units.

Index Activities The MSCI China Index underwent two regular reviews during the period. As at 30th June 2017, the MSCI China ETF held 150 constituents versus the 151 constituents in the MSCI China Index.

4 iShares Asia Trust Report of the Manager to the Unitholders

iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust)

Introduction The iShares MSCI China A International Index ETF (the “MSCI China A ETF”) (the “Sub-Fund”), a sub-fund of the iShares Asia Trust (the “Trust”), was launched on 25th January 2016 and commenced trading under the stock codes 83162 for the RMB counter and 3162 for the HKD counter on The Stock Exchange of Hong Kong Limited (the “SEHK”) on 28th January 2016. The MSCI China A ETF is a Hong Kong unit trust authorized under the Securities and Futures Ordinance (Cap. 571) of Hong Kong. The MSCI China A ETF is benchmarked against the MSCI China A International Index (the “MSCI China A Index”). The Manager of the MSCI China A ETF is BlackRock Asset Management North Asia Limited (the “Manager”) and the trustee is HSBC Institutional Trust Services (Asia) Limited (the “Trustee”).

The MSCI China A ETF may invest in China A-Shares through a combination of RQFII quota and Stock Connect. Via the release of Caishui [2014] No. 79 (“Circular 79”), Caishui [2014] No. 81 (“Circular 81”) and Caishui [2016] No. 127 (“Circular 127”) by the Ministry of Finance (“MOF”) in the PRC, the China Securities Regulatory Commission (“CSRC”) and the State Administration of Taxation (“SAT”), acting with State Council’s approval, a temporary exemption from tax on capital gains derived from the trading of A-Shares on or after 17th November 2014 was provided to (i) QFIIs/RQFIIs; and (ii) foreign investors trading in A-Shares via Stock Connect. No provision was made for taxation from such gains in the condensed financial statements as the Sub-Fund began operations post this temporary exemption being granted.

Fund Performance The MSCI China A ETF seeks to provide investment results that, before fees and expenses, that closely correspond to the performance of the MSCI China A Index in Renminbi (“RMB”) terms. As of 30th June 2017, the Dealing NAV per unit of the MSCI China A ETF was RMB6.88 and there were 10,500,000 units outstanding. The total size of the Sub-Fund was approximately RMB72.3 million.

A summary of the performance of the MSCI China A ETF(a) is given below.

25.01.2016 25.01.2016 01.01.2017 to (date of inception) to (date of inception) to Total Return(b) in RMB 30.06.2017 31.12.2016 30.06.2017 MSCI China A Index(c) 9.76% 6.12%(f) 19.71%(f) MSCI China A ETF NAV-to-NAV(d) 9.36% 6.83%(f) 19.56%(f) MSCI China A ETF Market-to-Market (MKT)(e) 9.12% 16.37%(g) 18.29%(g)

(a) Past performance figures shown are not indicative of the future performance of the Sub-Fund. (b) Total returns represent the rate that an investor would have earned (or lost) on an investment, assuming reinvestment of all dividends and distributions. Calculated as at 30th June/31st December. (c) An investor cannot invest directly in an index and the index performance returns do not reflect management fees, transaction costs or other expenses, which would reduce performance returns of the Sub-Fund. (d) Units in the Sub-Fund are issued and redeemed at NAV. Therefore, the Sub-Fund does not publish a bid price and the Sub-Fund’s returns have been calculated from NAV. (e) Market returns are calculated using historical market closing prices (when NAV is normally determined for the Sub-Fund), and do not represent the returns you would receive if you traded units at other times. (f) The Sub-Fund was established on 25th January 2016 and listed on 28th January 2016. (g) This is the return since listing of the Sub-Fund (28th January 2016).

Source: BlackRock, MSCI Barra and WM/Reuters

iShares Asia Trust 5 Report of the Manager to the Unitholders iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust)

Fund Performance The MSCI China A Index is a free-float adjusted market capitalization-weighted index that is compiled and published by MSCI Inc. It captures the large and mid-cap representation of the Shenzhen Stock Exchange and Shanghai Stock Exchange and includes all of the China A-Share constituents of the MSCI China All Shares Index. The index was launched on 26th June 2014. The MSCI China A ETF tracks the total return version of the MSCI China A Index, net of dividend withholding tax. The difference in performance between the MSCI China A Index and the MSCI China A ETF is mainly attributed to fees and expenses of the MSCI China A ETF and security misweights.

Fund Activities The average trading volume for the MSCI China A ETF during the period was reported by Bloomberg to be approximately 13,208 units. As at 30th June 2017, there were 10,500,000 units outstanding.

Index Activities The MSCI China A Index underwent two regular quarterly reviews during the period. As at 30th June 2017, the MSCI China A ETF held 456 constituents versus the 459 constituents in the MSCI China A Index.

6 iShares Asia Trust Report of the Manager to the Unitholders

iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust)

Introduction The iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (the “A50 China ETF”) (the “Sub-Fund”), a sub-fund of the iShares Asia Trust (the “Trust”), was launched on 15th November 2004 and commenced trading under the stock code 2823 on The Stock Exchange of Hong Kong Limited (the “SEHK”) on 18th November 2004. The A50 China ETF is a Hong Kong unit trust authorized under the Securities and Futures Ordinance (Cap. 571) of Hong Kong. The A50 China ETF is benchmarked against the FTSE China A50 Index (the “A50 Index”). The Manager of the A50 China ETF is BlackRock Asset Management North Asia Limited (the “Manager”) and the trustee is HSBC Institutional Trust Services (Asia) Limited (the “Trustee”).

On 30th June 2017, the Manager announced that, as a result of the transition from a “synthetic representative” sub-strategy to a “physical representative” sub-strategy, the A50 China ETF’s use of the “physical representative” sub-strategy and investment in A-Shares as well as physical A-Share exchange traded funds (“Physical A-Share ETFs”) in aggregate, comprise more than 70% of the Net Asset Value of the A50 China ETF on an ongoing basis. Accordingly, as foreshadowed in the Manager’s announcement of 28th October 2016, the Manager has applied and been granted approval by the SFC to remove the SFC synthetic labelling condition. The Manager intends to continue to decrease the A50 China ETF’s use of the “synthetic representative” sub-strategy of investing in China A-Share Access Products (“CAAPs”) and increase the use of the “physical representative” sub-strategy, including investing in A-Shares (directly through the QFII Quota and RQFII Quota available to the A50 China ETF and Stock Connect and as well as Physical A-Share ETFs). The A50 China ETF uses a representative sampling investment strategy which comprised primarily a “physical representative” sub-strategy and a “synthetic representative” sub-strategy as an ancillary strategy. On an ongoing basis, the Manager intends to manage the A50 China ETF such that its investment in A-Shares as well as a Physical A-Share ETFs will in aggregate comprise 70% or more of the Net Asset Value of A50 China ETF.

From 7th July 2017 onwards, the asterisk and annotation to the name of the A50 China ETF will be removed and the name of A50 China ETF will be changed from the “iShares FTSE A50 China Index ETF* (*This is synthetic ETF)” to “iShares FTSE A50 China Index ETF”.

The A50 China ETF may invest in a combination of A-Shares, Physical A-Share ETFs, as well as derivative instruments. These derivative instruments, referred to as China A-Share Access Products (“CAAPs”) are linked to A-Shares or an A-Share index and are intended to provide economic performance equivalent to holding the underlying A-Shares or the A-Share index. The CAAPs are issued by one or more Qualified Foreign Institutional Investors (“QFIIs”) or their affiliates (together, “CAAP Issuers”). The Manager expanded its investment universe to include direct investments in A-Shares on behalf of the A50 China ETF through QFII quota, Renminbi Qualified Foreign Institutional Investor (“RQFII”) quota, the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect on 2nd August 2013, 1st September 2014, 14th November 2014 and 5th December 2016 respectively.

With effect from 19th August 2013, the A50 China ETF may invest up to 10% of its net asset value (“NAV”) in Physical A-Share ETFs for cash management and contingency purposes. During the year and as of 30th June 2017, the A50 China ETF did not invest into any Physical A-Share ETFs.

iShares Asia Trust 7 Report of the Manager to the Unitholders iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust)

Introduction With effect from 31st October 2011, the Manager is required to obtain collateral that represents at least 100% of the A50 China ETF’s gross total counterparty risk exposure so that there shall be no uncollateralized counterparty risk. Further, where collateral is taken in the nature of equity securities, the market value of the equity collateral should represent at least 120% of the related gross counterparty exposure. Where non-equity collateral is taken, a prudent haircut policy shall be adopted. Where the A50 China ETF is not fully collateralized due to circumstances beyond the control of the Manager, the Manager will procure such additional collateral to be delivered to the A50 China ETF as soon as practicable to comply with the above collateral requirements.

Under the general taxing provision of the PRC corporate tax law, which came into effect on 1st January 2008, a non-PRC tax resident enterprise, e.g., QFII or RQFII, is subject to 10% withholding tax on PRC sourced interest income, dividends and capital gains provided that the non-PRC tax resident enterprise does not have its central management and control in the PRC or a PRC tax establishment. In practice, however, and prior to the release of Caishui [2014] No. 79 (“Circular 79”), the PRC tax authorities have not actively enforced taxation on capital gains arising from the sale of A-Shares by non-PRC tax resident enterprises, notwithstanding the fact the PRC State Council continued to not provide any specific income tax exemption on capital gains tax under PRC Corporate Income Tax Law.

Via the release of Circular 79, Caishui [2014] No. 81 (“Circular 81”) and Caishui [2016] No. 127 (“Circular 127”) by the Ministry of Finance (“MOF”) in the PRC, the China Securities Regulatory Commission (“CSRC”), and the State Administration of Taxation (“SAT”) acting with State Council’s approval, a temporary exemption from tax on capital gains derived from the trading of A-Shares on or after 17th November 2014 was provided to (i) QFIIs/RQFIIs; and (ii) foreign investors trading in A-Shares via Stock Connect respectively. However, Circular 79 did also state that any gains realized by QFIIs/RQFIIs prior to 17th November 2014 would be subject to tax in accordance with law.

Pursuant to Circular 79 and Circular 81, the Manager realigned the provisioning policy of the A50 China ETF in respect of its underlying PRC investments in CAAPs and direct A-Shares. As at 30th June 2017, the manager has settled with all CAAP issuers the withheld capital gain tax (“CGT”) amounts attributable to the CAAPs invested in by the A50 China ETF. True up adjustments representing the difference between the accrued provision and final settlement amount was made to the Sub-Fund. Depending on whether the withheld provision of the A50 China ETF was greater or less than the amount of CGT attributable resulted in adjustments to the net asset value (“NAV”) of the A50 China ETF. With respect to the A50 China ETF’s direct investments in A-Shares via its QFII and RQFII quotas, the A50 China ETF filed for relief under the respective Double Tax Agreement (“DTA”) with the PRC tax authorities and was subsequently approved. As such, a positive yet immaterial adjustment was made to the NAV of the A50 China ETF on 29th October 2015 to reflect the true-up between tax settlement and provision.

For further detail regarding these adjustments, please refer to the iShares Asia Trust Announcements released by the Manager on 30th October 2015, 24th November 2015, 5th May 2016, 12th August 2016, 15th August 2016, 27th September 2016, 12th October 2016, 25th October 2016, 3rd November 2016, 16th November 2016, 19th December 2016 and 20th December 2016.

8 iShares Asia Trust Report of the Manager to the Unitholders

iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust)

Fund Performance The A50 China ETF seeks to provide investment results, before fees and expenses, that closely correspond to the performance of the A50 Index in Hong Kong dollar (“HK$”) terms. As of 30th June 2017, the Dealing NAV per unit of the A50 China ETF was HK$12.82 and there were 2,318,000,000 units outstanding. The total size of the Sub-Fund was approximately HK$29.7 billion.

A summary of the performance of the A50 China ETF(a) is given below.

01.01.2017 01.01.2016 01.01.2015 01.01.2014 01.01.2013 01.01.2012 01.01.2011 01.01.2010 15.11.2004 (date to to to to to to to to of inception) to Total Return(b) in HK$ 30.06.2017 31.12.2016 31.12.2015 31.12.2014 31.12.2013 31.12.2012 31.12.2011 31.12.2010 30.06.2017(f) A50 Index(c) 19.50% -10.33% -10.59% 67.53% -8.94% 15.50% -13.45% -19.29% 12.08% A50 China ETF NAV-to-NAV(d) 18.11% -8.97% -10.43% 61.21% -12.25% 10.38% -15.00% -21.34% 10.42% A50 China ETF Market-to-Market (MKT)(e) 18.98% 0.00% -14.29% 41.98% -13.88% 9.66% -17.50% -13.75% 10.18%

Effective from 4th February 2014, the Sub-Fund is tracking the Net Total Return Index that has taken into account the 10% withholding tax on dividends of China A-Shares. In the past, the Sub-Fund tracked the gross (of tax) total return index.

The A50 Index is compiled and published by FTSE International Limited and comprises the top 50 A-Share companies by market capitalization and was launched on 13th December 2003. It is a net total return index which means that the net dividends of the securities of the A50 Index are reinvested. The A50 Index operates under clearly defined rules published by the index provider and is a tradable index with liquidity. In addition, the A50 Index covers both the Shanghai and Shenzhen markets. The difference in performance between the A50 Index and the A50 China ETF is mainly attributed to fees and expenses, including collateral costs, taxes on dividends and PRC capital gains, and a different currency exchange rate used for fund valuation and index calculation.

Fund Activities The average trading volume for the A50 China ETF during the period was reported by Bloomberg to be approximately 29 million units. As at 30th June 2017, there were 2,318,000,000 units outstanding.

Index Activities The A50 Index underwent two regular quarterly reviews during the period. As at 30th June 2017, the A50 China ETF had exposure to all* of the constituents in the A50 Index.

* The A50 China ETF held all the constituents comprising the FTSE China A50 Index, in which 6 constituent was held directly in listed equities, and 44 constituents were held both directly in listed equities and indirectly through CAAPs. (a) Past performance figures shown are not indicative of the future performance of the Sub-Fund. (b) Total returns represent the rate that an investor would have earned (or lost) on an investment, assuming reinvestment of all dividends and distributions. Calculated as at 30th June/31st December. (c) An investor cannot invest directly in an index and the index performance returns do not reflect management fees, transaction costs or other expenses, which would reduce performance returns of the Sub-Fund. (d) Units in the Sub-Fund are issued and redeemed at NAV. Therefore, the Sub-Fund does not publish a bid price and the Sub-Fund’s returns have been calculated from NAV. (e) Market returns are calculated using historical market closing prices (when NAV is normally determined for the Sub-Fund), and do not represent the returns you would receive if you traded units at other times. (f) This is the annualized return since fund inception. The Sub-Fund inception date is 15th November 2004.

Source: BlackRock, FTSE and WM/Reuters iShares Asia Trust 9 Report of the Manager to the Unitholders iShares Core S&P BSE SENSEX India Index ETF (a Sub-Fund of iShares Asia Trust)

Introduction The iShares Core S&P BSE SENSEX India Index ETF (the “SENSEX India ETF”) (the “Sub-Fund”), a sub-fund of the iShares Asia Trust (the “Trust”), was launched on 31st October 2006 and commenced trading under the stock code 2836 for the HKD counter on The Stock Exchange of Hong Kong Limited (the “SEHK”) on 2nd November 2006. The SENSEX India ETF commenced trading under the stock code 9836 for the USD counter and 82836 for the RMB counter on the SEHK on 14th October 2016. The SENSEX India ETF is a Hong Kong unit trust authorized under the Securities and Futures Ordinance (Cap. 571) of Hong Kong. The SENSEX India ETF is benchmarked against the S&P BSE SENSEX Index (the “SENSEX Index”). The Manager of the SENSEX India ETF is BlackRock Asset Management North Asia Limited (the “Manager”) and the trustee is HSBC Institutional Trust Services (Asia) Limited (the “Trustee”).

Until June 2009, the SENSEX India ETF invested solely in derivative instruments. These derivative instruments, referred to as India Access Products (“IAPs”) were linked to the underlying Indian shares and were intended to provide economic performance equivalent to holding the underlying Indian shares. On 10th June 2009, the Manager announced its intention to restructure the SENSEX India ETF to allow it to invest directly in Indian securities in addition to IAPs. The restructuring involved the establishment of iShares BSE SENSEX Mauritius Company, a wholly owned subsidiary of the SENSEX India ETF incorporated in Mauritius (the “Mauritius Subsidiary”), to invest in Indian securities and/or IAPs. The restructure was completed on 22nd June 2009.

Following the restructure: (a) the underlying investments of the Mauritius Subsidiary, together with the direct investments made by the SENSEX India ETF, must in aggregate comply with the SENSEX India ETF’s investment restrictions; (b) the SENSEX India ETF will not incur additional fees and expenses as a result of the establishment of the Mauritius Subsidiary as the Manager will rebate to the SENSEX India ETF the amount of ordinary fees and expenses incurred by the Mauritius Subsidiary (other than brokerage and transaction costs, fees and charges relating to the IAPs and extra ordinary expenses, if any); and (c) the various reports required to be prepared for the SENSEX India ETF will be prepared in a single entity form as the Mauritius Subsidiary is no longer consolidated to SENSEX India ETF and is accounted for at fair value through profit or loss.

Following the restructure, the SENSEX India ETF may invest up to 15% of its net asset value in IAPs, with a maximum exposure to any single issuer of 10% of its net asset value. As indicated above, an IAP is a derivative instrument and is not the same as direct holding or investment in the underlying Indian shares.

10 iShares Asia Trust Report of the Manager to the Unitholders

iShares Core S&P BSE SENSEX India Index ETF (a Sub-Fund of iShares Asia Trust)

India tax law changes On 10th May 2016, the Indian Tax Board announced a phased removal of the capital gains tax (“CGT”) exemption under the India-Mauritius Tax Treaty. The change, effective from 1st April 2017, resulted in India retaining taxation rights on capital gains arising from sales of shares of Indian resident companies acquired by a Mauritius entity on or after 1st April 2017. Shares acquired prior to 1st April 2017 would still be protected from taxing rights in India. There is a transition period from 1st April 2017 to 31st March 2019 where the tax rate will be limited to 50% of India’s domestic tax rate subject to a limitation of benefits clause. Taxation in India at the full domestic tax rate will apply from financial year 2019 – 2020 onwards.

The returns of the SENSEX India ETF via its holdings in Indian investments may as a result be adversely impacted by India tax law changes. The Manager will continue to monitor the impact of India Tax Law Changes on the SENSEX India ETF and the Mauritius subsidiary.

iShares Asia Trust 11 Report of the Manager to the Unitholders iShares Core S&P BSE SENSEX India Index ETF (a Sub-Fund of iShares Asia Trust)

Fund Performance The SENSEX India ETF seeks to provide investment results, before fees and expenses, that closely correspond to the performance of the SENSEX Index in Hong Kong dollar (“HK$”) terms. As at 30th June 2017, the Dealing NAV per unit of the SENSEX India ETF was HK$21.87, and there were 46,000,000 units outstanding. The total size of the Sub-Fund was approximately HK$1,006.0 million.

A summary of the performance of the SENSEX India ETF(a) is given below.

01.01.2017 01.01.2016 01.01.2015 01.01.2014 01.01.2013 01.01.2012 01.01.2011 01.01.2010 31.10.2006 (date to to to to to to to to of inception) to Total Return(b) in HK$ 30.06.2017 31.12.2016 31.12.2015 31.12.2014 31.12.2013 31.12.2012 31.12.2011 31.12.2010 30.06.2017(f) SENSEX Index(c) 23.67% 0.89% -8.15% 29.24% -1.90% 23.80% -35.76% 24.31% 6.29% SENSEX India ETF NAV-to-NAV(d) 23.08% -0.01% -9.04% 27.78% -2.89% 22.57% -36.38% 22.81% 4.98% SENSEX India ETF Market-to- Market(e) 23.01% -0.68% -10.51% 29.92% -2.93% 21.33% -35.94% 23.32% 5.01%

The SENSEX Index is a float adjusted market capitalization-weighted index that is compiled and published by Asia Index Private Limited, a joint venture company established by BSE Limited (“BSE”) and S&P Dow Jones Indices LLC. It comprises the 30 largest and most actively traded stocks, representative of various sectors, on BSE. The difference in performance between the SENSEX Index and the SENSEX India ETF is mainly attributed to fees and expenses, and a different currency exchange rate used for fund valuation and index calculation.

Fund Activities The average daily trading volume for the SENSEX India ETF during the period was reported by Bloomberg to be approximately 117,528 units. As at 30th June 2017, a total of 46,000,000 units were outstanding.

Index Activities The SENSEX Index had one regular review during the period. As at 30th June 2017, the SENSEX India ETF invested all, or substantially all, of its assets in Indian equity securities through the Mauritius Subsidiary, in substantially the same weightings as constituted in the SENSEX Index.

(a) Past performance figures shown are not indicative of the future performance of the Sub-Fund. (b) Total returns represent the rate that an investor would have earned (or lost) on an investment, assuming reinvestment of all dividends and distributions. Calculated as at 30th June/31st December. (c) An investor cannot invest directly in an index and the index performance returns do not reflect management fees, transaction costs or other expenses, which would reduce performance returns of the Sub-Fund. Starting on the 14th September 2011, the calculation of the Total Return Index has been adjusted by the index provider as from the date of inception. The SENSEX Index performance for comparative periods has been restated accordingly. (d) Units in the Sub-Fund are issued and redeemed at NAV. Therefore, the Sub-Fund does not publish a bid price and the Sub-Fund’s returns have been calculated from NAV. (e) Market returns are calculated using historical market closing prices (when NAV is normally determined for the Sub-Fund), and do not represent the returns you would receive if you traded units at other times. (f) This is the annualized return since fund inception. The Sub-Fund inception date is 31st October 2006.

Source: BlackRock, Asia Index Private Limited and WM/Reuters

12 iShares Asia Trust Report of the Manager to the Unitholders

iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust)

Introduction The iShares Core MSCI AC Asia ex Japan Index ETF (the “MSCI AC Asia ex Japan ETF”) (the “Sub-Fund”), a sub-fund of the iShares Asia Trust (the “Trust”), was launched on 12th March 2009 and commenced trading under the stock code 3010 for the HKD counter on The Stock Exchange of Hong Kong Limited (the “SEHK”) on 23rd April 2009. The MSCI AC Asia ex Japan ETF commenced trading under the stock code 9010 for the USD counter and 83010 for the RMB counter on the SEHK on 14th October 2016. The MSCI AC Asia ex Japan ETF is a Hong Kong unit trust authorized under the Securities and Futures Ordinance (Cap. 571) of Hong Kong. The MSCI AC Asia ex Japan ETF is benchmarked against the MSCI All Country Asia ex Japan Index, and, prior to 27th July 2015, MSCI Asia APEX 50 Index. The Manager of the MSCI AC Asia ex Japan ETF is BlackRock Asset Management North Asia Limited (the “Manager”) and the trustee is HSBC Institutional Trust Services (Asia) Limited (the “Trustee”).

Fund Performance The MSCI AC Asia ex Japan ETF seeks to provide investment results, before fees and expenses, that closely correspond to the performance of the MSCI All Country Asia ex Japan Index, and, prior to 27th July 2015, the MSCI Asia APEX 50 Index, in Hong Kong dollar (“HK$”) terms. As at 30th June 2017, the Dealing NAV per unit of the MSCI AC Asia ex Japan ETF was HK$49.49, and there were 138,320,000 units outstanding. The total size of the Sub-Fund was approximately HK$6.8 billion.

A summary of the performance of the MSCI AC Asia ex Japan ETF(a) is given below.

01.01.2017 01.01.2016 01.01.2015 01.01.2014 01.01.2013 01.01.2012 01.01.2011 01.01.2010 12.03.2009 (date to to to to to to to to of inception) to Total Return(b) in HK$ 30.06.2017 31.12.2016 31.12.2015 31.12.2014 31.12.2013 31.12.2012 31.12.2011 31.12.2010 30.06.2017 MSCI All Country Asia ex Japan Index(c) 23.66% 5.48% -7.20% N/A N/A N/A N/A N/A 11.75%(f) MSCI Asia APEX 50 Index(c) N/A N/A N/A 4.41% 6.34% 24.90% -12.71% 15.70% N/A MSCI AC Asia ex Japan ETF NAV-to-NAV(d) 23.60% 5.17% -8.10% 3.88% 5.51% 24.25% -13.45% 15.13% 11.06%(f) MSCI AC Asia ex Japan ETF Market-to-Market (MKT)(e) 23.16% 5.79% -8.41% 4.20% 6.01% 22.48% -12.57% 15.42% 13.62%(g)

(a) Past performance figures shown are not indicative of the future performance of the Sub-Fund. The Index changed from the MSCI Asia APEX 50 Index to the MSCI All Country Asia ex Japan Index on 27th July 2015. The performance of the Sub-Fund prior 27th July 2015 was achieved under circumstances that no longer apply. (b) Total returns represent the rate that an investor would have earned (or lost) on an investment, assuming reinvestment of all dividends and distributions. Calculated as at 30th June/31st December. (c) An investor cannot invest directly in an index and the index performance returns do not reflect management fees, transaction costs or other expenses, which would reduce performance returns of the Sub-Fund. (d) Units in the Sub-Fund are issued and redeemed at NAV. Therefore, the Sub-Fund does not publish a bid price and the Sub-Fund’s returns have been calculated from NAV. (e) Market returns are calculated using historical market closing prices (when NAV is normally determined for the Sub-Fund), and do not represent the returns you would receive if you traded units at other times. (f) This is the annualized return since fund inception. The Sub-Fund was established on 12th March 2009 and listed on 23rd April 2009. (g) This is the annualized return since fund inception. The Sub-Fund inception date is 12th March 2009.

Source: BlackRock, MSCI Barra and WM/Reuters

iShares Asia Trust 13 Report of the Manager to the Unitholders iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust)

Fund Performance The MSCI All Country Asia ex Japan Index is a free-float adjusted market capitalization-weighted index that is compiled and published by MSCI Inc. It is designed to capture the large and mid cap representation across two of three developed markets countries (excluding Japan) and nine emerging markets countries (as of 1st June 2017) in Asia. The MSCI AC Asia ex Japan ETF tracks the total return version of the MSCI All Country Asia ex Japan Index, net of dividend withholding tax.

The MSCI AC Asia ex Japan ETF invests primarily in securities (including depositary receipts) included in the MSCI All Country Asia ex Japan Index. It also invests in (i) the iShares MSCI India Index ETF (the “SG MSCI India ETF”), a Singapore-listed ETF, and (ii) the iShares MSCI India ETF (the “US MSCI India ETF”), an ETF traded in the United States of America with its primary listing on the BATS Exchange, Inc, to gain access to the India securities comprised in the MSCI All Country Asia ex Japan Index (“Indian Constituents”). The SG MSCI India ETF and US MSCI India ETF are not authorized by the Securities and Futures Commission of Hong Kong (the “SFC”) and are not available to Hong Kong residents. There is no guarantee as to the performance of the SG MSCI India ETF or the US MSCI India ETF or the correlation of their future performance to that of the Indian Constituents. There is no additional management fee charged to the MSCI AC Asia ex Japan ETF for holding the SG MSCI India ETF and US MSCI India ETF.

The difference in performance between the MSCI All Country Asia ex Japan Index and the MSCI AC Asia ex Japan ETF is mainly attributed to fees and expenses, and security misweights.

Fund Activities The average daily trading volume for the MSCI AC Asia ex Japan ETF during the period was reported by Bloomberg to be approximately 449,569 units. As at 30th June 2017, MSCI AC Asia ex Japan ETF comprised 138,320,000 outstanding units.

Index Activities The MSCI All Country Asia ex Japan Index underwent two regular reviews during the period. As at 30th June 2017, the MSCI AC Asia ex Japan ETF held 637* constituents versus the 640 constituents in the MSCI All country Asia ex Japan Index.

Effective from 1st June 2017, MSCI Inc. reclassified the MSCI Pakistan Index from Frontier Markets to Emerging Markets. As such, from 1st June 2017, MSCI AC Asia ex Japan ETF may invest in such foreign listed companies as part of its investment strategy and to meet its investment objective.

* The MSCI AC Asia ex Japan ETF directly held 560 constituents and indirectly held 77 constituents through SG MSCI India ETF and US MSCI India ETF, out of 640 constituents comprising the MSCI All Country Asia ex Japan Index.

14 iShares Asia Trust Report of the Manager to the Unitholders

iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust)

INTRODUCTION The iShares MSCI Emerging Asia Index ETF (the “MSCI Emerging Asia ETF”) (the “Sub-Fund”), a sub-fund of the iShares Asia Trust (the “Trust”), was launched on 12th March 2009 and commenced trading under the stock code 2802 on The Stock Exchange of Hong Kong Limited (the “SEHK”) on 23rd April 2009. The MSCI Emerging Asia ETF is a Hong Kong unit trust authorized under the Securities and Futures Ordinance (Cap. 571) of Hong Kong. The MSCI Emerging Asia ETF is benchmarked against the MSCI EM Asia Index. The Manager of the MSCI Emerging Asia ETF is BlackRock Asset Management North Asia Limited (the “Manager”) and the trustee is HSBC Institutional Trust Services (Asia) Limited (the “Trustee”).

Fund Performance The MSCI Emerging Asia ETF seeks to provide investment results, before fees and expenses, that closely correspond to the performance of the MSCI EM Asia Index in Hong Kong dollar (“HK$”) terms. As at 30th June 2017, the Dealing NAV per unit of the MSCI Emerging Asia ETF was HK$49.43 and there were 3,000,000 units outstanding. The total size of the Sub-Fund was approximately HK$148.3 million.

A summary of the performance of the MSCI Emerging Asia ETF(a) is given below.

01.01.2017 01.01.2016 01.01.2015 01.01.2014 01.01.2013 01.01.2012 01.01.2011 01.01.2010 12.03.2009 (date to to to to to to to to of inception) to Total Return(b) in HK$ 30.06.2017 31.12.2016 31.12.2015 31.12.2014 31.12.2013 31.12.2012 31.12.2011 31.12.2010 30.06.2017 MSCI EM Asia Index(c) 24.02% 6.18% -9.85% 4.91% 2.02% 20.58% -17.52% 19.28% 13.75%(f) MSCI Emerging Asia ETF NAV-to-NAV(d) 24.35% 5.61% -10.66% 5.12% 0.53% 18.34% -15.33% 19.53% 13.46%(f) MSCI Emerging Asia ETF Market-to-Market (MKT)(e) 24.12% 5.16% -10.19% 4.76% 0.52% 18.07% -14.95% 19.81% 13.38%(g)

(a) Past performance figures shown are not indicative of the future performance of the Sub-Fund. (b) Total returns represent the rate that an investor would have earned (or lost) on an investment, assuming reinvestment of all dividends and distributions. Calculated as at 30th June/31st December. (c) An investor cannot invest directly in an index and the index performance returns do not reflect management fees, transaction costs or other expenses, which would reduce performance returns of the Sub-Fund. (d) Units in the Sub-Fund are issued and redeemed at NAV. Therefore, the Sub-Fund does not publish a bid price and the Sub-Fund’s returns have been calculated from NAV. (e) Market returns are calculated using historical market closing prices (when NAV is normally determined for the Sub-Fund), and do not represent the returns you would receive if you traded units at other times. (f) This is the annualized return since fund inception. The Sub-Fund was established on 12th March 2009 and listed on 23rd April 2009. (g) This is the annualized return since fund inception. The Sub-Fund inception date is 12th March 2009.

Source: BlackRock, MSCI Barra and WM/Reuters

iShares Asia Trust 15 Report of the Manager to the Unitholders iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust)

Fund Performance The MSCI EM Asia Index is a free float-adjusted market capitalization-weighted index that is compiled and published by MSCI Inc. It is designed to track the equity market performance of emerging market countries of Asia. The MSCI Emerging Asia ETF is not a registered Foreign Portfolio Investor (“FPI”) with the Securities and Exchange Investment Board of India (“SEBI”) and is investing in the iShares Core S&P BSE SENSEX India Index ETF to gain exposure to the Indian market segment of the MSCI EM Asia Index. There is no additional management fee charged to the MSCI Emerging Asia ETF for holding the iShares Core S&P BSE SENSEX India Index ETF. The difference in performance between the MSCI EM Asia Index and the MSCI Emerging Asia ETF is mainly attributed to fees and expenses, and security misweights.

Fund Activities The average daily trading volume for the MSCI Emerging Asia ETF during the period was reported by Bloomberg to be approximately 15,950 units. As at 30th June 2017, the MSCI Emerging Asia ETF comprised 3,000,000 outstanding units.

Index Activities The MSCI EM Asia Index underwent two regular reviews during the period. As at 30th June 2017, the MSCI Emerging Asia ETF held 422* constituents versus the 568 constituents in the MSCI EM Asia Index.

Effective from 1st June 2017, MSCI Inc. reclassified the MSCI Pakistan Index from Frontier Markets to Emerging Markets. As such, from 1st June 2017, MSCI Emerging Asia ETF may invest in such foreign listed companies as part of its investment strategy and to meet its investment objective.

* The MSCI Emerging Asia ETF directly held 394 constituents and indirectly held 28 constituents through SENSEX India ETF, out of 568 constituents comprising the MSCI EM Asia Index.

16 iShares Asia Trust Report of the Manager to the Unitholders iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust)

Introduction The iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF (*This is a synthetic ETF)) (the “CSI 300 ETF”) (the “Sub-Fund”), a sub-fund of the iShares Asia Trust (the “Trust”), was launched on 12th November 2009 and commenced trading under the stock code 2846 on The Stock Exchange of Hong Kong Limited (the “SEHK”) on 18th November 2009. The CSI 300 ETF commenced trading under the stock code 9846 for the USD counter and 82846 for the RMB counter on the SEHK on 28th February 2017. The CSI 300 ETF is a Hong Kong unit trust authorized under the Securities and Futures Ordinance (Cap. 571) of Hong Kong. The CSI 300 ETF is benchmarked against the CSI 300 Index. The Manager of the CSI 300 ETF is BlackRock Asset Management North Asia Limited (the “Manager”) and the trustee is HSBC Institutional Trust Services (Asia) Limited (the “Trustee”).

On 18th November 2016, the Manager announced the investment strategy of the CSI 300 ETF would change, effective 21st November 2016 (“Effective Date”), to introduce a “physical representative” sub- strategy, and the Manager intended to seek to decrease the CSI 300 ETF’s reliance on the “synthetic representative” investment strategy. The “physical representative” sub-strategy consists of direct investments in A-Shares via (i) Stock Connect where the CSI 300 ETF has direct access to certain eligible A-Shares via the securities trading and clearing linked programme with an aim to achieve mutual stock market access between the PRC and Hong Kong stock exchange and (ii) the RQFII Quota of BlackRock (Singapore) Limited (“RQFII Licence Holder”), an affiliate of the Manager, which will allocate its RQFII Quota for use by the CSI 300 ETF from time to time, as well as investments in Physical A-Share ETFs for cash management and contingency purposes. Prior to the Effective Date, the CSI 300 ETF adopted a “synthetic representative” investment strategy through investing solely in China A-Share Access Products (“CAAPs”) or a combination of CAAPs and the iShares CSI Sector Index Funds*. On 17th February 2017, the Manager announced that the CSI 300 ETF had completed its transition from a “synthetic representative” strategy to a “physical representative” strategy under which its holding in A-Shares and Physical A-Share ETFs (for cash management and contingency purposes) in aggregate comprise 90% or more of its Net Asset Value on an ongoing basis.

Pursuant to the authorization conditions imposed on the CSI 300 ETF by the SFC on 29th August 2011, the Manager was required to collateralize all counterparty exposures with a view to ensuring that the collateral held by the CSI 300 ETF must represent at least 100% of the CSI 300 ETF’s gross total counterparty exposure. In addition, where the CSI 300 ETF accepted collateral in the nature of equity securities, the CSI 300 ETF had to obtain collateral that has a market value of at least 120%. Further, for non-equity collateral, the Manager was required to adopt a prudent haircut policy (the “SFC Collateral Condition”). As a result of the transition from a “synthetic representative” strategy to a “physical representative” strategy, the Manager has applied to the SFC for, and has been granted, approval to remove the SFC Collateral Condition with effect from 28th February 2017. From this date onwards, the CSI 300 ETF may continue to invest in CAAPs from time to time, but on an uncollateralized basis and only for cash management and contingency purposes. The CSI 300 ETF’s aggregate investment in CAAPs for cash management and contingency purposes will not exceed 10% of the Net Asset Value of the CSI 300 ETF.

* “iShares CSI Sector Index Funds” means the (i) iShares CSI A-Share Energy Index ETF* (*This is a synthetic ETF); (ii) iShares CSI A-Share Materials Index ETF* (*This is a synthetic ETF); (iii) iShares CSI A-Share Financials Index ETF* (*This is a synthetic ETF); (iv) iShares CSI A-Share Infrastructure index ETF*(*This is a synthetic ETF); (v) iShares CSI A-Share Consumer Discretionary Index ETF* (*This is a synthetic ETF); and (vi) iShares CSI A-Share Consumer Staples Index ETF* (*This is a synthetic ETF).

iShares Asia Trust 17 Report of the Manager to the Unitholders iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust)

Introduction Under the general taxing provision of the PRC corporate tax law, which came into effect on 1st January 2008, a non-PRC tax resident enterprise, e.g., QFII or RQFII, is subject to 10% withholding tax on PRC sourced interest income, dividends and capital gains, provided that the non-PRC tax resident enterprise does not have its central management and control in the PRC or a PRC tax establishment. In practice, however, and prior to the release of Caishui [2014] No. 79 (“Circular 79”), the PRC tax authorities have not actively enforced taxation on capital gains arising from the sale of A-Shares by non-PRC tax resident enterprises, notwithstanding the fact the PRC State Council continued to not provide any specific income tax exemption on capital gains tax under PRC Corporate Income Tax Law.

Pursuant to Circular 79, the Manager realigned the provisioning policy of the CSI 300 ETF in respect of its underlying PRC investments in CAAPs. As at 30th June 2017, the Manager has settled with all CAAP issuers the withheld capital gains tax (“CGT”) amounts attributable to the CAAPs invested in by the CSI 300 ETF. True up adjustments representing the difference between the accrued provision and final settlement amount was made to the Sub-Fund. Depending on whether the withheld provision of the CSI 300 ETF was greater or less than the amount of CGT attributable resulted in adjustments to the net asset value (“NAV”) of the CSI 300 ETF, be it positive or negative.

For further detail regarding these adjustments, please refer to the iShares Asia Trust Announcements released by the Manager on 30th October 2015, 24th November 2015, 12th August 2016, 12th October 2016, 25th October 2016 and 20th December 2016.

18 iShares Asia Trust Report of the Manager to the Unitholders iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust)

Fund Performance The CSI 300 ETF seeks to provide investment results, before fees and expenses, that closely correspond to the performance of the CSI 300 Index in Hong Kong dollar (“HK$”) terms. As at 30th June 2017, the Dealing NAV per unit of the CSI 300 ETF was HK$27.46, and there were 5,500,000 units outstanding. The total size of the Sub-Fund was approximately HK$151.0 million.

A summary of the performance of the CSI 300 ETF(a) is given below.

01.01.2017 01.01.2016 01.01.2015 01.01.2014 01.01.2013 01.01.2012 01.01.2011 01.01.2010 12.11.2009 (date to to to to to to to to of inception) to Total Return(b) in HK$ 30.06.2017 31.12.2016 31.12.2015 31.12.2014 31.12.2013 31.12.2012 31.12.2011 31.12.2010 30.06.2017(f) CSI 300 Index(c) 15.03% -15.21% 0.79% 54.92% -2.54% 10.70% -20.55% -8.16% 2.21% CSI 300 ETF NAV-to-NAV(d) 13.41% -15.77% 0.34% 51.18% -6.62% 1.56% -24.65% -4.63% -0.50% CSI 300 ETF Market-to-Market (MKT)(e) 20.53% -9.16% -3.25% 38.99% -10.74% 8.36% -28.81% -2.44% 0.13%

The CSI 300 Index is a free-float market capitalization-weighted index that is compiled and published by China Securities Index Co., Ltd (“CSI”) since 31st December 2004. The CSI 300 Index is a diversified index consisting of 300 constituent stocks traded on the Shanghai and Shenzhen stock exchanges. The difference in performance between the CSI 300 Index and the CSI 300 ETF is mainly attributed to fees and expenses, including collateral costs, taxes on dividends and PRC capital gains, and a different currency exchange rate used for fund valuation and index calculation.

Fund Activities The average daily trading volume for the CSI 300 ETF during the period was reported by Bloomberg to be approximately 18,530 units. As at 30th June 2017, the CSI 300 ETF comprised 5,500,000 outstanding units.

Index Activities The CSI 300 Index underwent one regular review during the period. As at 30th June 2017, the CSI 300 ETF held 288 constituents versus the 300 constituents in the CSI 300 Index.

(a) Past performance figures shown are not indicative of the future performance of the Sub-Fund. (b) Total returns represent the rate that an investor would have earned (or lost) on an investment, assuming reinvestment of all dividends and distributions. Calculated as at 30th June/31st December. (c) An investor cannot invest directly in an index and the index performance returns do not reflect management fees, transaction costs or other expenses, which would reduce performance returns of the Sub-Fund. (d) Units in the Sub-Fund are issued and redeemed at NAV. Therefore, the Sub-Fund does not publish a bid price and the Sub-Fund’s returns have been calculated from NAV. (e) Market returns are calculated using historical market closing prices (when NAV is normally determined for the Sub-Fund), and do not represent the returns you would receive if you traded units at other times. (f) This is the annualized return since fund inception. The Sub-Fund was established on 12th November 2009 and listed on 18th November 2009.

Source: BlackRock, China Securities Index Co Ltd (CSI) and WM/Reuters

iShares Asia Trust 19 Report of the Manager to the Unitholders iShares Core KOSPI 200 Index ETF (a Sub-Fund of iShares Asia Trust)

Introduction The iShares Core KOSPI 200 Index ETF (the “KOSPI 200 ETF”) (the “Sub-Fund”), a sub-fund of the iShares Asia Trust (the “Trust”), was launched on 22nd June 2016 and commenced trading under the stock codes 83170 for the RMB counter, 9170 for the USD counter and 3170 for the HKD counter on The Stock Exchange of Hong Kong Limited (the “SEHK”) on 29th June 2016. The KOSPI 200 ETF is a Hong Kong unit trust authorized under the Securities and Futures Ordinance (Cap. 571) of Hong Kong. The KOSPI 200 ETF is benchmarked against the KOSPI 200 Net Total Return USD Index. The Manager of the KOSPI 200 ETF is BlackRock Asset Management North Asia Limited (the “Manager”) and the trustee is HSBC Institutional Trust Services (Asia) Limited (the “Trustee”).

Fund Performance The KOSPI 200 ETF seeks to provide investment results, before fees and expenses, that closely correspond to the performance of the KOSPI 200 Net Total Return USD Index in United States dollar (“US$”) terms. As at 30th June 2017, the Dealing NAV per unit of the KOSPI 200 Index ETF was US$1.36 and there were 9,600,000 units outstanding. The total size of the Sub-Fund was approximately US$13.0 million.

A summary of the performance of the KOSPI 200 ETF(a) is given below.

22.06.2016 (date of 22.06.2016 (date of 01.01.2017 to inception) to inception) to Total Return(b) in US$ 30.06.2017 31.12.2016 30.06.2017 KOSPI 200 Net Total Return USD Index(c) 28.25% 0.89%(f) 28.67%(f) KOSPI 200 ETF NAV-to-NAV(d) 26.97% 1.73%(f) 28.45%(f) KOSPI 200 ETF Market-to-Market (MKT)(e) 27.93% 4.68%(g) 33.82%(g)

The KOSPI 200 Net Total Return USD Index is a free float-adjusted market capitalization-weighted index based on 200 blue chip companies listed on the Korea Stock Market, which are selected on the basis of such factors as their market and sector representation and liquidity. It is calculated and maintained by the Korea Exchange. The KOSPI 200 Net Total Return USD Index is a net total return index, meaning its performance is calculated on the basis that dividends net of tax are reinvested.

(a) Past performance figures shown are not indicative of the future performance of the Sub-Fund. (b) Total returns represent the rate that an investor would have earned (or lost) on an investment, assuming reinvestment of all dividends and distributions. Calculated as at 30th June/31st December. (c) An investor cannot invest directly in an index and the index performance returns do not reflect management fees, transaction costs or other expenses, which would reduce performance returns of the Sub-Fund. (d) Units in the Sub-Fund are issued and redeemed at NAV. Therefore, the Sub-Fund does not publish a bid price and the Sub-Fund’s returns have been calculated from NAV. (e) Market returns are calculated using historical market closing prices (when NAV is normally determined for the Sub-Fund), and do not represent the returns you would receive if you traded units at other times. (f) The Sub-Fund was established on 22nd June 2016 and listed on 29th June 2016. (g) This is the return since listing of the Sub-Fund (29th June 2016).

Source: BlackRock, MSCI Barra and WM/Reuters

20 iShares Asia Trust Report of the Manager to the Unitholders

iShares Core KOSPI 200 Index ETF (a Sub-Fund of iShares Asia Trust)

Fund Activities The average daily trading volume for the KOSPI 200 ETF during the period was reported by Bloomberg to be approximately 37,970 units. As at 30th June 2017, the KOSPI 200 ETF comprised 9,600,000 outstanding units.

Index Activities The KOSPI 200 Net Total Return USD Index underwent one regular review during the period. As at 30th June 2017, the KOSPI 200 ETF held 196 constituents versus the 200 constituents in the KOSPI 200 Net Total Return USD Index.

iShares Asia Trust 21 Report of the Manager to the Unitholders iShares Core MSCI Taiwan Index ETF (a Sub-Fund of iShares Asia Trust)

Introduction The iShares Core MSCI Taiwan Index ETF (the “MSCI Taiwan ETF”) (the “Sub-Fund”), a sub-fund of the iShares Asia Trust (the “Trust”), was launched on 22nd June 2016 and commenced trading under the stock codes 83074 for the RMB counter, 9074 for the USD counter and 3074 for the HKD counter on The Stock Exchange of Hong Kong Limited (the “SEHK”) on 29th June 2016. The MSCI Taiwan ETF is a Hong Kong unit trust authorized under the Securities and Futures Ordinance (Cap. 571) of Hong Kong. The MSCI Taiwan ETF is benchmarked against the MSCI Taiwan Index. The Manager of the MSCI Taiwan ETF is BlackRock Asset Management North Asia Limited (the “Manager”) and the trustee is HSBC Institutional Trust Services (Asia) Limited (the “Trustee”).

Fund Performance The MSCI Taiwan ETF seeks to provide investment results, before fees and expenses, that closely correspond to the performance of the MSCI Taiwan Index in United States dollar (“US$”) terms. As at 30th June 2017, the Dealing NAV per unit of the MSCI Taiwan ETF was US$1.37 and there were 17,600,000 units outstanding. The total size of the Sub-Fund was approximately US$24.1 million.

A summary of the performance of the MSCI Taiwan ETF(a) is given below.

22.06.2016 (date of 22.06.2016 (date of 01.01.2017 to inception) to inception) to Total Return(b) in US$ 30.06.2017 31.12.2016 30.06.2017 MSCI Taiwan Index(c) 21.58% 9.57%(f) 32.39%(f) MSCI Taiwan ETF NAV-to-NAV(d) 21.35% 9.31%(f) 31.84%(f) MSCI Taiwan ETF Market-to-Market (MKT)(e) 22.72% 9.99%(g) 34.88%(g)

The MSCI Taiwan Index is a free float-adjusted market capitalization weighted index covering approximately 85% of the Taiwan investable equity universe on a net total return basis with dividends net of tax reinvested, subject to a global minimum size requirement. It is calculated and maintained by MSCI Inc.

(a) Past performance figures shown are not indicative of the future performance of the Sub-Fund. (b) Total returns represent the rate that an investor would have earned (or lost) on an investment, assuming reinvestment of all dividends and distributions. Calculated as at 30th June/31st December. (c) An investor cannot invest directly in an index and the index performance returns do not reflect management fees, transaction costs or other expenses, which would reduce performance returns of the Sub-Fund. (d) Units in the Sub-Fund are issued and redeemed at NAV. Therefore, the Sub-Fund does not publish a bid price and the Sub-Fund’s returns have been calculated from NAV. (e) Market returns are calculated using historical market closing prices (when NAV is normally determined for the Sub-Fund), and do not represent the returns you would receive if you traded units at other times. (f) The Sub-Fund was established on 22nd June 2016 and listed on 29th June 2016. (g) This is the return since listing of the Sub-Fund (29th June 2016).

Source: BlackRock, MSCI Barra and WM/Reuters

22 iShares Asia Trust Report of the Manager to the Unitholders

iShares Core MSCI Taiwan Index ETF (a Sub-Fund of iShares Asia Trust)

Fund Activities The average daily trading volume for the MSCI Taiwan ETF during the period was reported by Bloomberg to be approximately 94,384 units. As at 30th June 2017, the MSCI Taiwan ETF comprised 17,600,000 outstanding units.

Index Activities The MSCI Taiwan Index underwent two regular reviews during the period. As at 30th June 2017, the MSCI Taiwan ETF held all constituents in the MSCI Taiwan Index.

iShares Asia Trust 23 Report of the Manager to the Unitholders iShares DAX Index ETF (a Sub-Fund of iShares Asia Trust)

Introduction The iShares DAX Index ETF (the “DAX ETF”) (the “Sub-Fund”), a sub-fund of the iShares Asia Trust (the “Trust”), was launched on 23rd June 2016 and commenced trading under the stock codes 83146 for the RMB counter, 9146 for the USD counter and 3146 for the HKD counter on The Stock Exchange of Hong Kong Limited (the “SEHK”) on 29th June 2016. The DAX ETF is a Hong Kong unit trust authorized under the Securities and Futures Ordinance (Cap. 571) of Hong Kong. The DAX ETF is benchmarked against the DAX Index. The Manager of the DAX ETF is BlackRock Asset Management North Asia Limited (the “Manager”) and the trustee is HSBC Institutional Trust Services (Asia) Limited (the “Trustee”).

Fund Performance The DAX ETF seeks to provide investment results, before fees and expenses, that closely correspond to the performance of the DAX Index in the Euro (“EUR”) terms. As at 30th June 2017, the Dealing NAV per unit of the DAX ETF was EUR 1.12 and there were 5,800,000 units outstanding. The total size of the Sub-Fund was approximately EUR 6.5 million.

A summary of the performance of the DAX ETF(a) is given below.

23.06.2016 (date of 23.06.2016 (date of 01.01.2017 to inception) to inception) Total Return(b) in EUR 30.06.2017 31.12.2016 30.06.2017 DAX Index(c) 7.35% 11.93%(f) 19.74%(f) DAX ETF NAV-to-NAV(d) 6.55% 11.82%(f) 18.75%(f) DAX ETF Market-to-Market (MKT)(e) 18.21% 14.08%(g) 34.74%(g)

The DAX Index is a free float-adjusted market capitalization weighted index that tracks the segment of the 30 largest and most important companies – known as blue chips – on the Frankfurt Stock Exchange. It is calculated and maintained by Deutsche Börse AG. The DAX Index is a gross total return index, meaning its performance is calculated on the basis that dividends gross of tax are reinvested.

(a) Past performance figures shown are not indicative of the future performance of the Sub-Fund. (b) Total returns represent the rate that an investor would have earned (or lost) on an investment, assuming reinvestment of all dividends and distributions. Calculated as at 30th June/31st December. (c) An investor cannot invest directly in an index and the index performance returns do not reflect management fees, transaction costs or other expenses, which would reduce performance returns of the Sub-Fund. (d) Units in the Sub-Fund are issued and redeemed at NAV. Therefore, the Sub-Fund does not publish a bid price and the Sub-Fund’s returns have been calculated from NAV. (e) Market returns are calculated using historical market closing prices (when NAV is normally determined for the Sub-Fund), and do not represent the returns you would receive if you traded units at other times. (f) The Sub-Fund was established on 23rd June 2016 and listed on 29th June 2016. (g) This is the return since listing of the Sub-Fund (29th June 2016).

Source: BlackRock, MSCI Barra and WM/Reuters

24 iShares Asia Trust Report of the Manager to the Unitholders

iShares DAX Index ETF (a Sub-Fund of iShares Asia Trust)

Fund Activities The average daily trading volume for the DAX ETF during the period was reported by Bloomberg to be approximately 40,088 units. As at 30th June 2017, the DAX ETF comprised 5,800,000 outstanding units.

Index Activities The DAX Index underwent two regular reviews during the period. As at 30th June 2017, the DAX ETF held all constituents in the DAX Index.

iShares Asia Trust 25 Report of the Manager to the Unitholders iShares EURO STOXX 50 Index ETF (a Sub-Fund of iShares Asia Trust)

Introduction The iShares EURO STOXX 50 Index ETF (the “EURO STOXX 50 ETF”) (the “Sub-Fund”), a sub-fund of the iShares Asia Trust (the “Trust”), was launched on 23rd June 2016 and commenced trading under the stock codes 83155 for the RMB counter, 9155 for the USD counter and 3155 for the HKD counter on The Stock Exchange of Hong Kong Limited (the “SEHK”) on 29th June 2016. The EURO STOXX 50 ETF is a Hong Kong unit trust authorized under the Securities and Futures Ordinance (Cap. 571) of Hong Kong. The EURO STOXX 50 ETF is benchmarked against the EURO STOXX 50 Index. The Manager of the EURO STOXX 50 ETF is BlackRock Asset Management North Asia Limited (the “Manager”) and the trustee is HSBC Institutional Trust Services (Asia) Limited (the “Trustee”).

Fund Performance The EURO STOXX 50 ETF seeks to provide investment results, before fees and expenses, that closely correspond to the performance of the EURO STOXX 50 Index in the Euro (“EUR”) terms. As at 30th June 2017, the Dealing NAV per unit of the EURO STOXX 50 ETF was EUR 1.09 and there were 5,000,000 units outstanding. The total size of the Sub-Fund was approximately EUR 5.4 million.

A summary of the performance of the EURO STOXX 50 ETF(a) is given below.

23.06.2016 (date of 23.06.2016 (date of 01.01.2017 to inception) to inception) to Total Return(b) in EUR 30.06.2017 31.12.2016 30.06.2017 EURO STOXX 50 Index(c) 6.71% 8.93%(f) 15.91%(f) EURO STOXX 50 ETF NAV-to-NAV(d) 6.58% 8.79%(f) 15.61%(f) EURO STOXX 50 ETF Market-to-Market (MKT)(e) 18.52% 11.47%(g) 32.02%(g)

The EURO STOXX 50 Index is a free float-adjusted market capitalization weighted index. It represents the 50 largest companies in terms of free-float market capitalization in 12 Eurozone countries. It is calculated and maintained by STOXX Limited. The EURO STOXX 50 Index is a net total return index, meaning its performance is calculated on the basis that dividends net of tax are reinvested.

(a) Past performance figures shown are not indicative of the future performance of the Sub-Fund. (b) Total returns represent the rate that an investor would have earned (or lost) on an investment, assuming reinvestment of all dividends and distributions. Calculated as at 30th June/31st December. (c) An investor cannot invest directly in an index and the index performance returns do not reflect management fees, transaction costs or other expenses, which would reduce performance returns of the Sub-Fund. (d) Units in the Sub-Fund are issued and redeemed at NAV. Therefore, the Sub-Fund does not publish a bid price and the Sub-Fund’s returns have been calculated from NAV. (e) Market returns are calculated using historical market closing prices (when NAV is normally determined for the Sub-Fund), and do not represent the returns you would receive if you traded units at other times. (f) The Sub-Fund was established on 23rd June 2016 and listed on 29th June 2016. (g) This is the return since listing of the Sub-Fund (29th June 2016).

Source: BlackRock, MSCI Barra and WM/Reuters

26 iShares Asia Trust Report of the Manager to the Unitholders

iShares EURO STOXX 50 Index ETF (a Sub-Fund of iShares Asia Trust)

Fund Activities The average daily trading volume for the EURO STOXX 50 ETF during the period was reported by Bloomberg to be approximately 50,357 units. As at 30th June 2017, the EURO STOXX 50 ETF comprised 5,000,000 outstanding units.

Index Activities The EURO STOXX 50 Index underwent two regular reviews during the period. As at 30th June 2017, the EURO STOXX 50 ETF held all constituents in the EURO STOXX 50 Index.

iShares Asia Trust 27 Report of the Manager to the Unitholders iShares FTSE 100 Index ETF (a Sub-Fund of iShares Asia Trust)

Introduction The iShares FTSE 100 Index ETF (the “FTSE 100 ETF”) (the “Sub-Fund”), a sub-fund of the iShares Asia Trust (the “Trust”), was launched on 23rd June 2016 and commenced trading under the stock codes 82847 for the RMB counter, 9847 for the USD counter and 2847 for the HKD counter on The Stock Exchange of Hong Kong Limited (the “SEHK”) on 29th June 2016. The FTSE 100 ETF is a Hong Kong unit trust authorized under the Securities and Futures Ordinance (Cap. 571) of Hong Kong. The FTSE 100 ETF is benchmarked against the FTSE 100 Index. The Manager of the FTSE 100 ETF is BlackRock Asset Management North Asia Limited (the “Manager”) and the trustee is HSBC Institutional Trust Services (Asia) Limited (the “Trustee”).

Fund Performance The FTSE 100 ETF seeks to provide investment results, before fees and expenses, that closely correspond to the performance of the FTSE 100 Index in British Pound (“GBP”) terms. As at 30th June 2017, the Dealing NAV per unit of the FTSE 100 ETF was GBP 0.87 and there were 4,800,000 units outstanding. The total size of the Sub-Fund was approximately GBP 4.2 million.

A summary of the performance of the FTSE 100 ETF(a) is given below.

23.06.2016 (date of 23.06.2016 (date of 01.01.2017 to inception) to inception) to Total Return(b) in GBP 30.06.2017 31.12.2016 30.06.2017 FTSE 100 Index(c) 4.66% 14.63%(f) 19.56%(f) FTSE 100 ETF NAV-to-NAV(d) 4.49% 14.46%(f) 19.19%(f) FTSE 100 ETF Market-to-Market (MKT)(e) 12.60% 5.65%(g) 18.89%(g)

The FTSE 100 Index is a free float market capitalization weighted index of UK-listed blue chips companies. It is designed to measure the performance of the 100 largest UK companies listed on the London Stock Exchange (the “LSE”) by full market capitalization, i.e. before the application of any investability weights. It is calculated and maintained by FTSE International Limited (“FTSE”). The FTSE 100 Index is a net total return index, meaning its performance is calculated on the basis that dividends net of tax are reinvested.

(a) Past performance figures shown are not indicative of the future performance of the Sub-Fund. (b) Total returns represent the rate that an investor would have earned (or lost) on an investment, assuming reinvestment of all dividends and distributions. Calculated as at 30th June/31st December. (c) An investor cannot invest directly in an index and the index performance returns do not reflect management fees, transaction costs or other expenses, which would reduce performance returns of the Sub-Fund. (d) Units in the Sub-Fund are issued and redeemed at NAV. Therefore, the Sub-Fund does not publish a bid price and the Sub-Fund’s returns have been calculated from NAV. (e) Market returns are calculated using historical market closing prices (when NAV is normally determined for the Sub-Fund), and do not represent the returns you would receive if you traded units at other times. (f) The Sub-Fund was established on 23rd June 2016 and listed on 29th June 2016. (g) This is the return since listing of the Sub-Fund (29th June 2016).

Source: BlackRock, MSCI Barra and WM/Reuters

28 iShares Asia Trust Report of the Manager to the Unitholders

iShares FTSE 100 Index ETF (a Sub-Fund of iShares Asia Trust)

Fund Activities The average daily trading volume for the FTSE 100 ETF during the period was reported by Bloomberg to be approximately 13,419 units. As at 30th June 2017, the FTSE 100 ETF comprised 4,800,000 outstanding units.

Index Activities The FTSE 100 Index underwent two regular reviews during the period. As at 30th June 2017, the FTSE 100 ETF held all constituents in the FTSE 100 Index.

iShares Asia Trust 29 Report of the Manager to the Unitholders iShares NASDAQ 100 Index ETF (a Sub-Fund of iShares Asia Trust)

Introduction The iShares NASDAQ 100 Index ETF (the “NASDAQ 100 ETF”) (the “Sub-Fund”), a sub-fund of the iShares Asia Trust (the “Trust”), was launched on 22nd June 2016 and commenced trading under the stock codes 82834 for the RMB counter, 9834 for the USD counter and 2834 for the HKD counter on The Stock Exchange of Hong Kong Limited (the “SEHK”) on 29th June 2016. The NASDAQ 100 ETF is a Hong Kong unit trust authorized under the Securities and Futures Ordinance (Cap. 571) of Hong Kong. The NASDAQ 100 ETF is benchmarked against the NASDAQ 100 Index. The Manager of the NASDAQ 100 ETF is BlackRock Asset Management North Asia Limited (the “Manager”) and the trustee is HSBC Institutional Trust Services (Asia) Limited (the “Trustee”).

Fund Performance The NASDAQ 100 ETF seeks to provide investment results, before fees and expenses, that closely correspond to the performance of the NASDAQ 100 Index in United States dollar (“US$”) terms. As at 30th June 2017, the Dealing NAV per unit of the NASDAQ 100 ETF was US$1.34 and there were 6,000,000 units outstanding. The total size of the Sub-Fund was approximately US$8.1 million.

A summary of the performance of the NASDAQ 100 ETF(a) is given below.

22.06.2016 (date of 22.06.2016 (date of 01.01.2017 to inception) to inception) to Total Return(b) in US$ 30.06.2017 31.12.2016 30.06.2017 NASDAQ 100 Index(c) 16.56% 10.91%(f) 28.56%(f) NASDAQ 100 ETF NAV-to-NAV(d) 16.35% 10.73%(f) 28.12%(f) NASDAQ 100 ETF Market-to-Market (MKT)(e) 15.67% 14.11%(g) 31.89%(g)

The NASDAQ 100 Index is a modified market capitalization weighted index. It includes 100 of the largest US and international non-financial companies listed on The NASDAQ Stock Market LLC (“NASDAQ”) based on market capitalization. It is calculated and maintained by The NASDAQ OMX Group Inc. or its affiliates. The NASDAQ 100 Index is a net total return index, meaning its performance is calculated on the basis that dividends net of tax are reinvested.

(a) Past performance figures shown are not indicative of the future performance of the Sub-Fund. (b) Total returns represent the rate that an investor would have earned (or lost) on an investment, assuming reinvestment of all dividends and distributions. Calculated as at 30th June/31st December. (c) An investor cannot invest directly in an index and the index performance returns do not reflect management fees, transaction costs or other expenses, which would reduce performance returns of the Sub-Fund. (d) Units in the Sub-Fund are issued and redeemed at NAV. Therefore, the Sub-Fund does not publish a bid price and the Sub-Fund’s returns have been calculated from NAV. (e) Market returns are calculated using historical market closing prices (when NAV is normally determined for the Sub-Fund), and do not represent the returns you would receive if you traded units at other times. (f) The Sub-Fund was established on 22nd June 2016 and listed on 29th June 2016. (g) This is the return since listing of the Sub-Fund (29th June 2016).

Source: BlackRock, MSCI Barra and WM/Reuters

30 iShares Asia Trust Report of the Manager to the Unitholders

iShares NASDAQ 100 Index ETF (a Sub-Fund of iShares Asia Trust)

Fund Activities The average daily trading volume for the NASDAQ 100 ETF during the period was reported by Bloomberg to be approximately 21,921 units. As at 30th June 2017, the NASDAQ 100 ETF comprised 6,000,000 outstanding units.

Index Activities The NASDAQ 100 Index underwent two regular reviews during the period. As at 30th June 2017, the NASDAQ 100 ETF held all constituents in the NASDAQ 100 Index.

iShares Asia Trust 31 Report of the Manager to the Unitholders iShares Core Hang Seng Index ETF (a Sub-Fund of iShares Asia Trust)

Introduction The iShares Core Hang Seng Index ETF (the “Hang Seng ETF”) (the “Sub-Fund”), a sub-fund of the iShares Asia Trust (the “Trust”), was launched on 18th November 2016 and commenced trading under the stock codes 83115 for the RMB counter, 9115 for the USD counter and 3115 for the HKD counter on The Stock Exchange of Hong Kong Limited (the “SEHK”) on 23rd November 2016. The Hang Seng ETF is a Hong Kong unit trust authorized under the Securities and Futures Ordinance (Cap. 571) of Hong Kong. The Hang Seng ETF is benchmarked against the Hang Seng Index (net total return version) (“HSI Net Total Return Index”). The Manager of the Hang Seng ETF is BlackRock Asset Management North Asia Limited (the “Manager”) and the trustee is HSBC Institutional Trust Services (Asia) Limited (the “Trustee”).

Fund Performance The Hang Seng ETF seeks to provide investment results, before fees and expenses, that closely correspond to the performance of the HSI Net Total Return Index. As at 30th June 2017, the Dealing NAV per unit of the Hang Seng ETF was HK$93.64 and there were 2,750,000 units outstanding, The total size of the Sub-Fund was appropriately HK$257.5 million.

A summary of the performance of the Hang Seng ETF(a) is given below.

18.11.2016 (date of inception) to Total Return(b) in HK$ 30.06.2017(f) HSI Net Total Return Index(c) 17.67% Hang Seng ETF NAV-to-NAV(d) 17.51% Hang Seng ETF Market-to-Market (MKT)(e) 26.94%

The HSI Net Total Return Index adopts a free float adjusted market capitalization weighted methodology with a 10% cap on individual securities. The universe of securities of HSI Net Total Return Index includes stocks and real estate investment trusts primarily listed on the main board of The Stock Exchange of Hong Kong Limited (“SEHK”), excluding securities that are secondary listings, foreign companies, preference shares, debt securities, mutual funds and other derivatives. Securities need to meet eligibility requirements based on market value, turnover and listing history, and H-shares are only included if they meet specific additional requirements. Final selections are based on the market capitalization and turnover rank of securities, the representation of the relevant sub-sector within the HSI Net Total Return Index directly reflecting that of the market and the financial performance. The review of HSI Net Total Return Index is conducted quarterly.

(a) Past performance figures shown are not indicative of the future performance of the Sub-Fund. (b) Total returns represent the rate that an investor would have earned (or lost) on an investment, assuming reinvestment of all dividends and distributions. Calculated as at 30th June. (c) An investor cannot invest directly in an index and the index performance returns do not reflect management fees, transaction costs or other expenses, which would reduce performance returns of the Sub-Fund. (d) Units in the Sub-Fund are issued and redeemed at NAV. Therefore, the Sub-Fund does not publish a bid price and the Sub-Fund’s returns have been calculated from NAV. (e) Market returns are calculated using historical market closing prices (when NAV is normally determined for the Sub-Fund), and do not represent the returns you would receive if you traded units at other times. (f) This is the annualized return since fund inception. The Sub-Fund inception date is 18th November 2016.

Source: BlackRock, MSCI Barra and WM/Reuters

32 iShares Asia Trust Report of the Manager to the Unitholders

iShares Core Hang Seng Index ETF (a Sub-Fund of iShares Asia Trust)

Fund Activities The average daily trading volume for the Hang Seng ETF during the period was reported by Bloomberg to be approximately 206,383 units. As at 30th June 2017, the Hang Seng ETF comprised 2,750,000 outstanding units.

Index Activities The HSI Net Total Return Index underwent two regular reviews during the period. As at 30th June 2017, the Hang Seng ETF held all constituents in the HSI Net Total Return Index.

iShares Asia Trust 33 Sub-Funds of iShares Asia Trust

Condensed Statement of Financial Position As at 30th June 2017

iShares iShares MSCI MSCI China Index ETF China A International Index ETF 30.06.2017 31.12.2016 30.06.2017 31.12.2016 (Unaudited) (Audited) (Unaudited) (Audited) Note HK$ HK$ RMB HK$ ASSETS Current Assets Financial assets at fair value through profit or loss 10 1,993,960,984 1,404,268,081 71,722,116 65,803,015 Dividends receivable 13,595,217 53,207 – – Interest receivable 2 1 – – Amounts due from brokers – 4,819,002 – – Amounts due from unitholders for subscription 194,601,613 – – – Management fee reimbursement receivable – – – 32,079 Other accounts receivable – 2,104 – – Margin deposits 666,075 175,847 – – Bank balances 5(e) 5,887,238 5,114,433 564,441 248,920 Total assets 2,208,711,129 1,414,432,675 72,286,557 66,084,014 LIABILITIES Current Liabilities Financial liabilities at fair value through profit or loss 120,400 – – – Amounts due to brokers 192,526,026 – – – Amounts due to unitholders for redemption – 4,821,127 – – Management fee payable 5(a) 864,688 705,736 30,665 – Other accounts payable 40,000 30,722 420 11,876 Total liabilities 193,551,114 5,557,585 31,085 11,876

Net assets attributable to unitholders 2,015,160,015 1,408,875,090 72,255,472 66,072,138

The accompanying notes form part of these condensed financial statements.

34 iShares Asia Trust Sub-Funds of iShares Asia Trust

Condensed Statement of Financial Position (Continued) As at 30th June 2017

iShares FTSE A50 China Index ETF* iShares Core S&P BSE SENSEX (*This is a synthetic ETF) India Index ETF 30.06.2017 31.12.2016 30.06.2017 31.12.2016 (Unaudited) (Audited) (Unaudited) (Audited) Note HK$ HK$ HK$ HK$ ASSETS Current Assets Financial assets at fair value through profit or loss 10 29,514,520,265 28,729,179,921 1,004,436,990 797,797,824 Dividends receivable 6,127,352 – – – Interest receivable 831 158 2 1 Bank balances 5(e) 239,639,471 134,370,833 1,950,648 2,113,901 Total assets 29,760,287,919 28,863,550,912 1,006,387,640 799,911,726 LIABILITIES Current Liabilities Management fee payable 5(a) 22,863,391 24,440,101 392,753 309,608 Securities lending expenses payable in respect of the collateral arrangements 12,285,573 25,516,273 – – Other accounts payable 402,104 215,345 – – Total liabilities 35,551,068 50,171,719 392,753 309,608

Net assets attributable to unitholders 29,724,736,851 28,813,379,193 1,005,994,887 799,602,118

The accompanying notes form part of these condensed financial statements.

iShares Asia Trust 35 Sub-Funds of iShares Asia Trust

Condensed Statement of Financial Position (Continued) As at 30th June 2017

iShares Core MSCI iShares MSCI AC Asia ex Japan Index ETF Emerging Asia Index ETF 30.06.2017 31.12.2016 30.06.2017 31.12.2016 (Unaudited) (Audited) (Unaudited) (Audited) Note HK$ HK$ HK$ HK$ ASSETS Current Assets Financial assets at fair value through profit or loss 10 6,812,064,460 4,201,493,393 147,515,086 118,633,229 Dividends receivable 27,259,381 689,969 640,612 9,533 Interest receivable 4 3 – – Amounts due from brokers 2,494,498 – – – Bank balances 5(e) 13,735,864 10,430,214 200,764 667,971 Total assets 6,855,554,207 4,212,613,579 148,356,462 119,310,733 LIABILITIES Current Liabilities Amounts due to brokers 9,365,881 – – – Management fee payable 5(a) 580,971 479,360 63,733 54,690 Other accounts payable 32,104 41,746 2 7,443 Total liabilities 9,978,956 521,106 63,735 62,133

Net assets attributable to unitholders 6,845,575,251 4,212,092,473 148,292,727 119,248,600

The accompanying notes form part of these condensed financial statements.

36 iShares Asia Trust Sub-Funds of iShares Asia Trust

Condensed Statement of Financial Position (Continued) As at 30th June 2017

iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Shares Index ETF* iShares Core KOSPI (*This is a synthetic ETF)) 200 Index ETF 30.06.2017 31.12.2016 30.06.2017 31.12.2016 (Unaudited) (Audited) (Unaudited) (Audited) Note HK$ HK$ US$ US$ ASSETS Current Assets Financial assets at fair value through profit or loss 10 150,538,911 192,461,359 13,022,789 13,310,016 Management fee reimbursement receivable 8,805 – – – Dividends receivable – 3,202 – 157,539 Interest receivable – 2 – – Bank balances 5(e) 500,658 1,925,593 26,573 20,887 Total assets 151,048,374 194,390,156 13,049,362 13,488,442 LIABILITIES Current Liabilities Management fee payable 5(a) – 168,513 3,778 3,815 Securities lending expenses payable in respect of the collateral arrangements – 433,645 – – Other accounts payable 27,649 94,864 3,440 2,210 Total liabilities 27,649 697,022 7,218 6,025

Net assets attributable to unitholders 151,020,725 193,693,134 13,042,144 13,482,417

The accompanying notes form part of these condensed financial statements.

iShares Asia Trust 37 Sub-Funds of iShares Asia Trust

Condensed Statement of Financial Position (Continued) As at 30th June 2017

iShares Core MSCI iShares DAX Taiwan Index ETF Index ETF 30.06.2017 31.12.2016 30.06.2017 31.12.2016 (Unaudited) (Audited) (Unaudited) (Audited) Note US$ US$ EUR EUR ASSETS Current Assets Financial assets at fair value through profit or loss 10 23,847,446 19,767,905 6,450,590 6,063,264 Dividends receivable 198,187 – – – Amount due from brokers 24,562 – – – Bank balances 5(e) 37,130 78,395 22,171 16,906 Total assets 24,107,325 19,846,300 6,472,761 6,080,170 LIABILITIES Current Liabilities Amounts due to brokers 24,498 – – – Management fee payable 5(a) 5,331 4,741 1,541 1,763 Other accounts payable 90 2,115 549 5,889 Total liabilities 29,919 6,856 2,090 7,652

Net assets attributable to unitholders 24,077,406 19,839,444 6,470,671 6,072,518

The accompanying notes form part of these condensed financial statements.

38 iShares Asia Trust Sub-Funds of iShares Asia Trust

Condensed Statement of Financial Position (Continued) As at 30th June 2017

iShares EURO STOXX 50 Index ETF iShares FTSE 100 Index ETF 30.06.2017 31.12.2016 30.06.2017 31.12.2016 (Unaudited) (Audited) (Unaudited) (Audited) Note EUR EUR GBP GBP ASSETS Current Assets Financial assets at fair value through profit or loss 10 5,423,114 5,078,529 4,134,687 3,963,654 Dividends receivable – 2,878 21,747 14,545 Bank balances 5(e) 15,395 27,172 12,922 14,809 Total assets 5,438,509 5,108,579 4,169,356 3,993,008 LIABILITIES Current Liabilities Management fee payable 5(a) 1,390 1,674 1,110 1,362 Other accounts payable 425 6,065 500 2,944 Total liabilities 1,815 7,739 1,610 4,306

Net assets attributable to unitholders 5,436,694 5,100,840 4,167,746 3,988,702

The accompanying notes form part of these condensed financial statements.

iShares Asia Trust 39 Sub-Funds of iShares Asia Trust

Condensed Statement of Financial Position (Continued) As at 30th June 2017

iShares Core iShares NASDAQ Hang Seng 100 Index ETF Index ETF 30.06.2017 31.12.2016 30.06.2017 (Unaudited) (Audited) (Unaudited) Note US$ US$ HK$ ASSETS Current Assets Financial assets at fair value through profit or loss 10 8,043,180 7,822,780 253,999,999 Dividends receivable 2,061 2,730 2,920,687 Margin deposits – – 152,889 Bank balances 5(e) 12,271 29,686 498,459 Total assets 8,057,512 7,855,196 257,572,034 LIABILITIES Current Liabilities Financial liabilities at fair value through profit or loss – – 13,300 Management fee payable 5(a) 2,465 2,927 11,751 Other accounts payable 475 6,400 30,000 Total liabilities 2,940 9,327 55,051

Net assets attributable to unitholders 8,054,572 7,845,869 257,516,983

The accompanying notes form part of these condensed financial statements.

40 iShares Asia Trust Sub-Funds of iShares Asia Trust

Condensed Statement of Comprehensive Income For the period ended 30th June 2017

iShares iShares MSCI MSCI China Index ETF China A International Index ETF 25.01.2016 (date of 01.01.2017 01.01.2016 01.01.2017 inception) to 30.06.2017 to 30.06.2016 to 30.06.2017 to 30.06.2016 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Note HK$ HK$ RMB RMB Income Dividend income 20,344,184 39,035,269 575,397 1,069,058 Bank interest income 254 8 598 2,783 Net gain/(loss) on financial assets at fair value through profit or loss 342,826,939 (177,110,917) 6,072,003 1,047,356 Net foreign currency gain/(loss) 18,194 (44,532) 190 (506) Total net income/(loss) 363,189,571 (138,120,172) 6,648,188 2,118,691 Expenses Management fee 5(a) (4,735,438) (5,660,076) (204,016) (296,925) Transaction handling fee 5(b) (11,491) (32,397) (22,705) (61,686) Transaction costs on financial assets at fair value through profit or loss 5(d) (47,553) (256,510) (8,072) (93,761) Safe custody and bank charges 5(b) (34,679) (61,358) (172,465) (52,956) Total operating expenses (4,829,161) (6,010,341) (407,258) (505,328)

Operation profit/(loss) 358,360,410 (144,130,513) 6,240,930 1,613,363 Finance Costs Interest expense – – – – Profit/(loss) before taxation 358,360,410 (144,130,513) 6,240,930 1,613,363 Taxation (1,538,926) (3,191,960) (57,596) (113,161) Total comprehensive income/(loss) 356,821,484 (147,322,473) 6,183,334 1,500,202

The accompanying notes form part of these financial statements.

iShares Asia Trust 41 Sub-Funds of iShares Asia Trust

Condensed Statement of Comprehensive Income (Continued) For the period ended 30th June 2017

iShares FTSE A50 China Index ETF* iShares Core S&P BSE SENSEX (*This is a synthetic ETF) India Index ETF 01.01.2017 01.01.2016 01.01.2017 01.01.2016 to 30.06.2017 to 30.06.2016 to 30.06.2017 to 30.06.2016 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Note HK$ HK$ HK$ HK$ Income Dividend income 278,011,836 323,325,566 – – Bank interest income 309,844 739,205 275 116 Net gain/(loss) on financial assets at fair value through profit or loss 4,779,957,984 (6,324,083,652) 190,615,018 17,020,795 Net foreign currency gain/(loss) (41,340,780) (3,178,020) 2,969 483 Total net income/(loss) 5,016,938,884 (6,003,196,901) 190,618,262 17,021,394 Expenses Management fee 5(a) (137,671,094) (156,640,653) (2,118,513) (3,101,779) Transaction handling fee 5(b) (579,381) (573,041) – – Transaction costs on financial assets at fair value through profit or loss 5(d) (33,080,909) (254,735,750) – – Safe custody and bank charges 5(b) (45,360) (2,542,971) (800) (200) Securities lending expenses in respect of the collateral arrangements (93,520,051) (201,966,674) – – Total operating expenses (264,896,795) (616,459,089) (2,119,313) (3,101,979)

Operation profit/(loss) 4,752,042,089 (6,619,655,990) 188,498,949 13,919,415 Finance Costs Interest expense (2,209,256) – – – Profit/(loss) before taxation 4,749,832,833 (6,619,655,990) 188,498,949 13,919,415 Taxation (27,827,949) (32,372,426) – – Total comprehensive income/(loss) 4,722,004,884 (6,652,028,416) 188,498,949 13,919,415

The accompanying notes form part of these condensed financial statements.

42 iShares Asia Trust Sub-Funds of iShares Asia Trust

Condensed Statement of Comprehensive Income (Continued) For the period ended 30th June 2017

iShares Core MSCI AC iShares MSCI Asia ex Japan Index ETF Emerging Asia Index ETF 01.01.2017 01.01.2016 01.01.2017 01.01.2016 to 30.06.2017 to 30.06.2016 to 30.06.2017 to 30.06.2016 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Note HK$ HK$ HK$ HK$ Income Dividend income 77,658,995 13,014,970 1,622,927 1,957,063 Bank interest income 3,254 27 18 4 Net gain on financial assets at fair value through profit or loss 1,039,416,521 56,796,145 28,009,726 1,552,113 Net foreign currency gain/(loss) 198,863 5,516,814 25,451 (1,223) Total net income 1,117,277,633 75,327,956 29,658,122 3,507,957 Expenses Management fee 5(a) (5,412,209) (921,190) (346,306) (279,700) Transaction handling fee 5(b) (37,251) (68,009) (8,240) (47,779) Transaction costs on financial assets at fair value through profit or loss 5(d) (4,299,774) (349,679) (1,509) (16,359) Safe custody and bank charges 5(b) (263,155) (73,343) (24,743) (20,553) Total operating expenses (10,012,389) (1,412,221) (380,798) (364,391)

Operating profit 1,107,265,244 73,915,735 29,277,324 3,143,566 Finance Costs Interest expense – – (37) (13) Profit before taxation 1,107,265,244 73,915,735 29,277,287 3,143,553 Taxation (8,452,405) (1,404,168) (233,160) (269,933) Total comprehensive income 1,098,812,839 72,511,567 29,044,127 2,873,620

The accompanying notes form part of these condensed financial statements.

iShares Asia Trust 43 Sub-Funds of iShares Asia Trust

Condensed Statement of Comprehensive Income (Continued) For the period ended 30th June 2017

iShares Core CSI 300 Index ETF (formerly known as iShares iShares Core iShares Core CSI 300 A-Share Index ETF* KOSPI MSCI (*This is a synthetic ETF)) 200 Index ETF Taiwan Index ETF 01.01.2017 01.01.2016 01.01.2017 01.01.2017 to 30.06.2017 to 30.06.2016 to 30.06.2017 to 30.06.2017 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Note HK$ HK$ US$ US$ Income Dividend income 1,224,332 1,846,941 50,882 247,932 Bank interest income 3,911 2,950 19 20 Net gain/(loss) on financial assets at fair value through profit or loss 21,371,982 (50,937,513) 3,441,422 4,074,175 Net foreign currency gain/(loss) (890,271) (15,377) 12,723 (427) Total net income/(loss) 21,709,954 (49,102,999) 3,505,046 4,321,700 Expenses Management fee 5(a) (477,466) (1,101,974) (21,688) (32,958) Transaction handling fee 5(b) (217,408) (120,750) (4,260) (675) Transaction costs on financial assets at fair value through profit or loss 5(d) (714,791) (1,510,292) (15,435) (416) Safe custody and bank charges 5(b) (34,272) (5,300) (1,931) (103) Securities lending expenses in respect of the collateral arrangements (142,058) (2,012,082) – – Total operating expenses (1,585,995) (4,750,398) (43,314) (34,152)

Operating profit/(loss) 20,123,959 (53,853,397) 3,461,732 4,287,548 Finance Costs Interest expense (35,871) – – – Profit/(loss) before taxation 20,088,088 (53,853,397) 3,461,732 4,287,548 Taxation (122,808) (184,694) (11,141) (49,586) Total comprehensive income/(loss) 19,965,280 (54,038,091) 3,450,591 4,237,962

The accompanying notes form part of these financial statements.

44 iShares Asia Trust Sub-Funds of iShares Asia Trust

Condensed Statement of Comprehensive Income (Continued) For the period ended 30th June 2017

iShares EURO iShares DAX STOXX 50 iShares FTSE Index ETF Index ETF 100 Index ETF 01.01.2017 01.01.2017 01.01.2017 to 30.06.2017 to 30.06.2017 to 30.06.2017 (Unaudited) (Unaudited) (Unaudited) Note EUR EUR GBP Income Dividend income 175,190 137,955 103,530 Net gain on financial assets at fair value through profit or loss 271,855 241,932 83,140 Net foreign currency gain 177 174 421 Total net income 447,222 380,061 187,091 Expenses Management fee 5(a) (6,365) (5,334) (4,099) Transaction handling fee 5(b) (2,317) (2,272) (1,728) Transaction costs on financial assets at fair value through profit or loss 5(d) (386) (298) (866) Safe custody and bank charges 5(b) (117) (1,849) (82) Total operating expenses (9,185) (9,753) (6,775)

Operating profit 438,037 370,308 180,316 Finance Costs Interest expense (2) (4) – Profit before taxation 438,035 370,304 180,316 Taxation (39,882) (34,450) (1,272) Total comprehensive income 398,153 335,854 179,044

The accompanying notes form part of these condensed financial statements.

iShares Asia Trust 45 Sub-Funds of iShares Asia Trust

Condensed Statement of Comprehensive Income (Continued) For the period ended 30th June 2017

iShares NASDAQ iShares Core Hang 100 Index ETF Seng Index ETF 18.11.2016 (date of 01.01.2017 inception) to 30.06.2017 to 30.06.2017 (Unaudited) (Unaudited) Note US$ HK$ Income Dividend income 49,272 9,892,624 Bank interest income 8 83 Net gain on financial assets at fair value through profit or loss 1,137,788 89,520,629 Net foreign currency gain 7 4,232 Total net income 1,187,075 99,417,568 Expenses Management fee 5(a) (10,826) (341,717) Transaction handling fee 5(b) (1,275) – Transaction costs on financial assets at fair value through profit or loss 5(d) (161) (249,885) Safe custody and bank charges 5(b) (118) – Total operating expenses (12,380) (591,602)

Operating profit 1,174,695 98,825,966 Finance Costs Interest expense – – Profit before taxation 1,174,695 98,825,966 Taxation (12,537) (241,071) Total comprehensive income 1,162,158 98,584,895

The accompanying notes form part of these condensed financial statements.

46 iShares Asia Trust Sub-Funds of iShares Asia Trust Condensed Statement of Changes in Net Assets Attributable to Unitholders For the period ended 30th June 2017

iShares MSCI iShares China A International MSCI China Index ETF Index ETF 25.01.2016 (date of 01.01.2017 01.01.2016 01.01.2017 inception) to 30.06.2017 to 30.06.2016 to 30.06.2017 to 30.06.2016 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Note HK$ HK$ RMB RMB Net assets attributable to unitholders at 1st January 1,408,875,090 2,412,353,952 66,072,138 – Proceeds on issue of units 6 – in-kind 184,666,232 – – – – cash component and cash subscription 64,797,209 105,702,571 – 116,850,655 Payments on redemption of units 6 – in-kind – – – – – cash component and cash redemption – (441,220,794) – – 249,463,441 (335,518,223) – 116,850,655 Total comprehensive income/(loss) for the period 356,821,484 (147,322,473) 6,183,334 1,500,202

Net assets attributable to unitholders at 30th June 2,015,160,015 1,929,513,256 72,255,472 118,350,857

The accompanying notes form part of these condensed financial statements.

iShares Asia Trust 47 Sub-Funds of iShares Asia Trust Condensed Statement of Changes in Net Assets Attributable to Unitholders (Continued) For the period ended 30th June 2017

Net assets attributable to unitholders at 30th June 29,724,736,851 29,594,773,423 1,005,994,887 832,524,371

The accompanying notes form part of these condensed financial statements.

48 iShares Asia Trust Sub-Funds of iShares Asia Trust Condensed Statement of Changes in Net Assets Attributable to Unitholders (Continued) For the period ended 30th June 2017

iShares Core MSCI AC iShares MSCI Asia ex Japan Index ETF Emerging Asia Index ETF 01.01.2017 01.01.2016 01.01.2017 01.01.2016 to 30.06.2017 to 30.06.2016 to 30.06.2017 to 30.06.2016 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Note HK$ HK$ HK$ HK$ Net assets attributable to unitholders at 1st January 4,212,092,473 91,969,720 119,248,600 122,524,427 Proceeds on issue of units 6 – in-kind 149,803,929 – – – – cash component and cash subscription 2,936,352,147 1,342,317,180 – – Payments on redemption of units 6 – cash component and cash redemption (1,551,486,137) – – – 1,534,669,939 1,342,317,180 – – Total comprehensive income for the period 1,098,812,839 72,511,567 29,044,127 2,873,620

Net assets attributable to unitholders at 30th June 6,845,575,251 1,506,798,467 148,292,727 125,398,047

The accompanying notes form part of these condensed financial statements.

iShares Asia Trust 49 Sub-Funds of iShares Asia Trust Condensed Statement of Changes in Net Assets Attributable to Unitholders (Continued) For the period ended 30th June 2017

iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 iShares Core iShares Core A-Share Index ETF* (*This is a KOSPI MSCI synthetic ETF)) 200 Index ETF Taiwan Index ETF 01.01.2017 01.01.2016 01.01.2017 01.01.2017 to 30.06.2017 to 30.06.2016 to 30.06.2017 to 30.06.2017 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Note HK$ HK$ US$ US$ Net assets attributable to unitholders at 1st January 193,693,134 292,498,075 13,482,417 19,839,444 Payments on redemption of units 6 – cash component and cash redemption (62,637,689) (47,486,849) (3,890,864) – (62,637,689) (47,486,849) (3,890,864) – Total comprehensive income/(loss) for the period 19,965,280 (54,038,091) 3,450,591 4,237,962

Net assets attributable to unitholders at 30th June 151,020,725 190,973,135 13,042,144 24,077,406

The accompanying notes form part of these condensed financial statements.

50 iShares Asia Trust Sub-Funds of iShares Asia Trust Condensed Statement of Changes in Net Assets Attributable to Unitholders (Continued) For the period ended 30th June 2017

iShares EURO iShares DAX STOXX 50 iShares FTSE Index ETF Index ETF 100 Index ETF 01.01.2017 01.01.2017 01.01.2017 to 30.06.2017 to 30.06.2017 to 30.06.2017 (Unaudited) (Unaudited) (Unaudited) Note EUR EUR GBP Net assets attributable to unitholders at 1st January/date of inception 6,072,518 5,100,840 3,988,702 Proceeds on issue of units 6 – in-kind – – – – cash component and cash subscription – – – Payments on redemption of units 6 – in-kind – – – – cash component and cash redemption – – – Distribution to unitholders 11 – – – – – – Total comprehensive income for the period 398,153 335,854 179,044

Net assets attributable to unitholders at 30th June 6,470,671 5,436,694 4,167,746

The accompanying notes form part of these condensed financial statements.

iShares Asia Trust 51 Sub-Funds of iShares Asia Trust Condensed Statement of Changes in Net Assets Attributable to Unitholders (Continued) For the period ended 30th June 2017

iShares Core iShares NASDAQ Hang Seng 100 Index ETF Index ETF 18.11.2016 (date of 01.01.2017 inception) to 30.06.2017 to 30.06.2017 (Unaudited) (Unaudited) Note US$ HK$ Net assets attributable to unitholders at 1st January/date of inception 7,845,869 – Proceeds on issue of units 6 – in-kind – 639,776,295 – cash component and cash subscription – 139,222,269 Payments on redemption of units 6 – in-kind – (602,462,363) – cash component and cash redemption (953,455) (15,367,613) Distribution to unitholders 11 – (2,236,500) (953,455) 158,932,088 Total comprehensive income for the period 1,162,158 98,584,895

Net assets attributable to unitholders at 30th June 8,054,572 257,516,983

The accompanying notes form part of these condensed financial statements.

52 iShares Asia Trust Sub-Funds of iShares Asia Trust

Condensed Statement of Cash Flows For the period ended 30th June 2017

iShares MSCI iShares China A International MSCI China Index ETF Index ETF 25.01.2016 01.01.2017 01.01.2016 01.01.2017 (date of inception) to 30.06.2017 to 30.06.2016 to 30.06.2017 to 30.06.2016 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Note HK$ HK$ RMB RMB Operating Activities Payments for purchase of financial assets at fair value through profit or loss (37,662,856) (318,764,298) (3,405,806) (127,385,110) Proceeds from sale of financial assets at fair value through profit or loss 29,387,784 666,185,547 3,558,898 10,428,881 Dividends received 6,802,174 11,738,347 575,397 1,069,058 Bank interest received 253 8 598 2,783 Other income received – – – – Management fee paid (4,576,486) (5,940,026) (141,272) (254,506) Taxation paid (1,538,926) (3,191,960) (57,596) (113,161) Transaction costs paid (47,553) (256,510) (8,072) (93,761) Securities lending expenses paid in respect of the collateral arrangements – – – – Other fees paid (34,788) (96,585) (206,626) (109,272) Margin deposits paid (490,228) (1,821,695) – – Net cash generated from/(used in) operating activities (8,160,626) 347,852,828 315,521 (116,455,088) Financing Activities Interest paid – – – – Cash component and cash subscription received on issue of units 6 13,754,558 105,702,571 – 116,850,655 Cash component and cash redemption paid on redemption of units 6 (4,821,127) (435,135,876) – – Distribution paid – – – – Net cash generated from/(used in) financing activities 8,933,431 (329,433,305) – 116,850,655

Net increase/(decrease) in cash and cash equivalents 772,805 18,419,523 315,521 395,567 Cash and cash equivalents at the beginning of the period 5,114,433 4,771,207 248,920 – Cash and cash equivalents at the end of the period 5,887,238 23,190,730 564,441 395,567 Analysis of Balances of Cash and Cash Equivalents Bank balances 5,887,238 23,190,730 564,441 395,567

The accompanying notes form part of these financial statements. iShares Asia Trust 53 Sub-Funds of iShares Asia Trust

Condensed Statement of Cash Flows (Continued) For the period ended 30th June 2017

iShares FTSE A50 China Index ETF* iShares Core S&P BSE SENSEX (*This is a synthetic ETF) India Index ETF 01.01.2017 01.01.2016 01.01.2017 01.01.2016 to 30.06.2017 to 30.06.2016 to 30.06.2017 to 30.06.2016 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Note HK$ HK$ HK$ HK$ Operating Activities Payments for purchase of financial assets at fair value through profit or loss (12,645,637,502) (7,312,722,382) (75,458,901) (13,958,640) Proceeds from sale of financial assets at fair value through profit or loss 14,956,654,745 10,011,947,182 59,437,722 25,748,968 Dividends received 271,884,484 236,831,682 – – Bank interest received 309,171 738,421 274 117 Other income received – – – – Management fee paid (139,247,804) (168,082,429) (2,035,368) (3,124,013) Taxation paid (27,827,949) (32,372,426) – – Transaction costs paid (33,080,909) (254,735,750) – – Securities lending expenses paid in respect of the collateral arrangements (106,750,751) (227,871,363) – – Other fees paid (437,982) (2,996,517) (800) (200) Margin deposits paid – – – – Net cash generated from/(used in) operating activities 2,275,865,503 2,250,736,418 (18,057,073) 8,666,232 Financing Activities Interest paid (2,209,256) – – – Cash component and cash subscription received on issue of units 6 – 1,597,627 75,687,340 14,000,400 Cash component and cash redemption paid on redemption of units 6 (2,168,387,609) (2,351,555,393) (57,793,520) (23,493,900) Distribution paid – – – – Net cash generated from/(used in) financing activities (2,170,596,865) (2,349,957,766) 17,893,820 (9,493,500)

Net increase/(decrease) in cash and cash equivalents 105,268,638 (99,221,348) (163,253) (827,268) Cash and cash equivalents at the beginning of the period 134,370,833 811,998,310 2,113,901 2,529,443 Cash and cash equivalents at the end of the period 239,639,471 712,776,962 1,950,648 1,702,175 Analysis of Balances of Cash and Cash Equivalents Bank balances 239,639,471 712,776,962 1,950,648 1,702,175

The accompanying notes form part of these condensed financial statements.

54 iShares Asia Trust Sub-Funds of iShares Asia Trust

Condensed Statement of Cash Flows (Continued) For the period ended 30th June 2017

iShares Core MSCI AC iShares MSCI Asia ex Japan Index ETF Emerging Asia Index ETF 01.01.2017 01.01.2016 01.01.2017 01.01.2016 to 30.06.2017 to 30.06.2016 to 30.06.2017 to 30.06.2016 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Note HK$ HK$ HK$ HK$ Operating Activities Payments for purchase of financial assets at fair value through profit or loss (3,277,601,792) (1,406,415,142) (2,081,377) (7,617,135) Proceeds from sale of financial assets at fair value through profit or loss 1,863,321,421 64,250,861 1,234,697 7,004,611 Dividends received 51,089,583 4,228,155 991,848 1,073,596 Bank interest received 3,253 27 18 4 Other income received – – – – Management fee paid (5,310,598) (488,167) (337,263) (281,066) Taxation paid (8,452,405) (1,404,168) (233,160) (269,933) Transaction costs paid (4,299,774) (349,679) (1,509) (16,359) Securities lending expenses paid in respect of the collateral arrangements – – – – Other fees paid (310,048) (155,271) (40,424) (108,485) Margin deposits paid – – – – Net cash generated from/(used in) operating activities (1,381,560,360) (1,340,333,384) (467,170) (214,767) Financing Activities Interest paid – – (37) (13) Cash component and cash subscription received on issue of units 6 2,936,352,147 1,342,317,180 – – Cash component and cash redemption paid on redemption of units 6 (1,551,486,137) – – – Distribution paid – – – – Net cash generated from/(used in) financing activities 1,384,866,010 1,342,317,180 (37) (13)

Net increase/(decrease) in cash and cash equivalents 3,305,650 1,983,796 (467,207) (214,780) Cash and cash equivalents at the beginning of the period 10,430,214 108,995 667,971 621,631 Cash and cash equivalents at the end of the period 13,735,864 2,092,791 200,764 406,851 Analysis of Balances of Cash and Cash Equivalents Bank balances 13,735,864 2,092,791 200,764 406,851

The accompanying notes form part of these condensed financial statements.

iShares Asia Trust 55 Sub-Funds of iShares Asia Trust

Condensed Statement of Cash Flows (Continued) For the period ended 30th June 2017

iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index iShares Core KOSPI iShares Core MSCI ETF* (*This is a synthetic ETF)) 200 Index ETF Taiwan Index ETF 01.01.2017 01.01.2016 01.01.2017 01.01.2017 to 30.06.2017 to 30.06.2016 to 30.06.2017 to 30.06.2017 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Note HK$ HK$ US$ US$ Operating Activities Payments for purchase of financial assets at fair value through profit or loss (151,611,321) (21,209,561) (877,587) (125,888) Proceeds from sale of financial assets at fair value through profit or loss 214,015,480 72,739,796 4,618,959 120,031 Dividends received 1,227,534 1,053,526 208,421 49,745 Bank interest received 3,913 2,950 19 20 Other income received – – – – Management fee paid (654,784) (1,190,797) (21,725) (32,368) Taxation paid (122,808) (184,694) (11,141) (49,586) Transaction costs paid (714,791) (1,510,292) (15,435) (416) Securities lending expenses paid in respect of the collateral arrangements (575,703) (2,074,971) – – Other fees paid (318,895) (152,376) (4,961) (2,803) Margin deposits paid – – – – Net cash generated from/(used in) operating activities 61,248,625 47,473,581 3,896,550 (41,265) Financing Activities Interest paid (35,871) – – – Cash component and cash subscription received on issue of units 6 – – – – Cash component and cash redemption paid on redemption of units 6 (62,637,689) (47,559,367) (3,890,864) – Distribution paid – – – – Net cash generated from/(used in) financing activities (62,673,560) (47,559,367) (3,890,864) –

Net increase/(decrease) in cash and cash equivalents (1,424,935) (85,786) 5,686 (41,265) Cash and cash equivalents at the beginning of the period 1,925,593 2,565,721 20,887 78,395 Cash and cash equivalents at the end of the period 500,658 2,479,935 26,573 37,130 Analysis of Balances of Cash and Cash Equivalents Bank balances 500,658 2,479,935 26,573 37,130

The accompanying notes form part of these condensed financial statements.

56 iShares Asia Trust Sub-Funds of iShares Asia Trust

Condensed Statement of Cash Flows (Continued) For the period ended 30th June 2017

iShares EURO iShares DAX STOXX iShares FTSE Index ETF 50 Index ETF 100 Index ETF 01.01.2017 01.01.2017 01.01.2017 to 30.06.2017 to 30.06.2017 to 30.06.2017 (Unaudited) (Unaudited) (Unaudited) Note EUR EUR GBP Operating Activities Payments for purchase of financial assets at fair value through profit or loss (470,262) (290,843) (178,080) Proceeds from sale of financial assets at fair value through profit or loss 354,968 188,364 90,608 Dividends received 175,190 140,833 96,328 Bank interest received – – – Other income received – – – Management fee paid (6,587) (5,618) (4,351) Taxation paid (39,882) (34,450) (1,272) Transaction costs paid (386) (298) (866) Securities lending expenses paid in respect of the collateral arrangements – – – Other fees paid (7,774) (9,761) (4,254) Margin deposits paid – – – Net cash generated from/(used in) operating activities 5,267 (11,773) (1,887) Financing Activities Interest paid (2) (4) – Cash component and cash subscription received on issue of units 6 – – – Cash component and cash redemption paid on redemption of units 6 – – – Distribution paid – – – Net cash generated from/(used in) financing activities (2) (4) –

Net increase/(decrease) in cash and cash equivalents 5,265 (11,777) (1,887) Cash and cash equivalents at the beginning of the period 16,906 27,172 14,809 Cash and cash equivalents at the end of the period 22,171 15,395 12,922 Analysis of Balances of Cash and Cash Equivalents Bank balances 22,171 15,395 12,922

The accompanying notes form part of these financial statements.

iShares Asia Trust 57 Sub-Funds of iShares Asia Trust

Condensed Statement of Cash Flows (Continued) For the period ended 30th June 2017

iShares iShares Core NASDAQ Hang Seng 100 Index ETF Index ETF 18.11.2016 (date of 01.01.2017 inception) to 30.06.2017 to 30.06.2017 (Unaudited) (Unaudited) Note US$ HK$ Operating Activities Payments for purchase of financial assets at fair value through profit or loss (262,523) (167,064,566) Proceeds from sale of financial assets at fair value through profit or loss 1,179,918 39,916,660 Dividends received 49,941 6,971,937 Bank interest received 8 83 Other income received – 30,000 Management fee paid (11,288) (329,966) Taxation paid (12,537) (241,071) Transaction costs paid (161) (249,885) Securities lending expenses paid in respect of the collateral arrangements – – Other fees paid (7,318) – Margin deposits paid – (152,889) Net cash generated from/(used in) operating activities 936,040 (121,119,697) Financing Activities Interest paid – – Cash component and cash subscription received on issue of units 6 – 139,222,269 Cash component and cash redemption paid on redemption of units 6 (953,455) (15,367,613) Distribution paid – (2,236,500) Net cash generated from/(used in) financing activities (953,455) 121,618,156

Net increase/(decrease) in cash and cash equivalents (17,415) 498,459 Cash and cash equivalents at the beginning of the period 29,686 – Cash and cash equivalents at the end of the period 12,271 498,459 Analysis of Balances of Cash and Cash Equivalents Bank balances 12,271 498,459

The accompanying notes form part of these financial statements.

58 iShares Asia Trust Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements

1 The Trust iShares Asia Trust (the “Trust”) is an umbrella unit trust governed by its Trust Deed dated 16th November 2001, as amended, (the “Trust Deed”) and authorized by the Securities and Futures Commission of Hong Kong (the “SFC”) pursuant to Section 104(1) of the Securities and Futures Ordinance. As at 30th June 2017, the Trust has established fourteen sub-funds:

Listing date on The Stock Exchange of Hong Kong Name of Sub-Fund Limited (The “SEHK”) iShares MSCI China Index ETF 28th November 2001 iShares MSCI China A International Index ETF 28th January 2016 iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) 18th November 2004 iShares Core S&P BSE SENSEX India Index ETF 2nd November 2006 for HKD counter 14th October 2016 for USD and RMB counters iShares Core MSCI AC Asia ex Japan Index ETF 23rd April 2009 for HKD counter 14th October 2016 for USD and RMB counters iShares MSCI Emerging Asia Index ETF 23rd April 2009 iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 18th November 2009 for A-Share Index ETF* (*This is a synthetic ETF)) HKD counter 28th February 2017 for USD and RMB counters iShares Core KOSPI 200 Index ETF 29th June 2016 iShares Core MSCI Taiwan Index ETF 29th June 2016 iShares DAX Index ETF 29th June 2016 iShares EURO STOXX 50 Index ETF 29th June 2016 iShares FTSE 100 Index ETF 29th June 2016 iShares NASDAQ 100 Index ETF 29th June 2016 iShares Core Hang Seng Index ETF 23rd November 2016

iShares Asia Trust 59 Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

The manager of the Trust is BlackRock Asset Management North Asia Limited (the “Manager”) and the trustee is HSBC Institutional Trust Services (Asia) Limited (the “Trustee”). iShares MSCI China Index ETF (“MSCI China ETF”) The objective of the MSCI China ETF is to provide investment results that, before fees and expenses, closely correspond to the performance of the MSCI China Index. It is designed to track the equity market performance of (i) Chinese securities (including H-Shares, Red Chips and P Chips) listed on the SEHK (ii) B-shares of Chinese securities listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange and (iii) companies traded outside the country of classification (i.e. foreign listed companies) including those traded by way of depositary receipts. iShares MSCI China A International Index ETF (“MSCI China A ETF”) The objective of the MSCI China A ETF is to provide investment results that, before fees and expenses, closely correspond to the performance of the MSCI China A International Index. The MSCI China A International Index captures large and mid-cap representation of the Shanghai Stock Exchange and Shenzhen Stock Exchange and includes the China A-Share constituents of the MSCI China All Shares Index. The MSCI China A ETF may invest in China A-Shares through a combination of Renminbi Qualified Foreign Institutional Investor (“RQFII”) quota and the Stock Connect. iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (“A50 China ETF”) The objective of the A50 China ETF is to provide investment results that, before fees and expenses, closely correspond to the performance of the FTSE China A50 Index. Until 2nd August 2013, the A50 China ETF did not hold A-Shares directly but rather gained access to the FTSE China A50 Index through China A-Share Access Products (“CAAPs”). Since 2nd August 2013, the A50 China ETF invests in A-Shares directly in addition to CAAPs. A CAAP represents only an obligation of each CAAP Issuer (“CAAP Issuer”) to provide the economic performance equivalent to holding the underlying A-Shares or A-Share index. On 30th June 2017, the Manager announced that, as a result of the transition from a “synthetic representative” sub-strategy to a “physical representative” sub-strategy, the A50 China ETF’s use of the “physical representative” sub-strategy and investment in A-Shares as well as Physical A-Share ETF in aggregate, comprise more than 70% of the Net Asset Value of the A50 China ETF on an ongoing basis. Accordingly, as foreshadowed in the Manager’s announcement of 28th October 2016, the Manager has applied and been granted approval by the SFC to remove the SFC synthetic labelling condition. The Manager intends to continue to decrease the A50 China ETF’s use of the “synthetic representative” sub-strategy of investing in CAAPs and increase the use of the “physical representative” sub-strategy, including investing in A-Shares (directly through the QFII Quota and RQFII Quota available to the A50 China ETF and Stock Connect and as well as Physical A-Share ETFs). The A50 China ETF uses a representative sampling investment strategy which comprised primarily a “physical representative” sub-strategy and a “synthetic representative” sub-strategy as an ancillary strategy. On a going basis, the Manager intends to manage the A50 China ETF such that its investment in A-Shares as well as a Physical A-Share ETFs will in aggregate comprise 70% or more of the Net Asset Value of A50 China ETF. From 7th July 2017 onwards, the asterisk and annotation to the name of the A50 China ETF will be removed and the name of A50 China ETF will also be changed from the “iShares FTSE A50 China Index ETF* (*This is synthetic ETF)” to “iShares FTSE A50 China Index ETF”. As at 30th June 2017, there were sixteen (31st December 2016: seventeen) participating dealers and four (31st December 2016: six) CAAP Issuers for the A50 China ETF. A list of the CAAP Issuers as at 30th June 2017 and 31st December 2016 is set out in note 5(c).

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Notes to the Unaudited Condensed Financial Statements (Continued)

iShares Core S&P BSE SENSEX India Index ETF (“SENSEX India ETF”) The objective of the SENSEX India ETF is to provide investment results that, before fees and expenses, closely correspond to the performance of the S&P BSE SENSEX Index. The iShares BSE SENSEX Mauritius Company, a wholly-owned subsidiary of the SENSEX India ETF was incorporated in Mauritius (the “Mauritius Subsidiary”), to hold Indian securities and India Access Products (“IAPs”) on behalf of the SENSEX India ETF. The SENSEX India ETF may invest up to 15% of its net asset value in IAPs; with a maximum exposure to any single issuer of 10% of its net asset value. For the period/year ended 30th June 2017 and 31st December 2016, the SENSEX India ETF did not hold any IAPs. From 14th October 2016, the name of iShares S&P BSE SENSEX India Index ETF was changed to iShares Core S&P BSE SENSEX India Index ETF. iShares Core MSCI AC Asia ex Japan Index ETF (“MSCI AC Asia ex Japan ETF”) The objective of the MSCI AC Asia ex Japan ETF is to provide investment results that, before fees and expenses, closely correspond to the performance of the MSCI All Country Asia ex Japan Index, and, prior to 27th July 2015, the MSCI Asia APEX 50 Index. The MSCI All Country Asia ex Japan Index consists of large and mid-cap stocks and the MSCI Asia APEX 50 Index consists of 50 largest stocks that meet the tradability criteria. The MSCI AC Asia ex Japan ETF invests in (i) the iShares MSCI India Index ETF, a Singapore-listed ETF (the “SG MSCI India ETF”), and (ii) the iShares MSCI India ETF, an ETF traded in the United States of America with its primary listing on the BATS Exchange, Inc (the “US MSCI India ETF”), to gain access to the India securities comprised in the Underlying Index (“Indian Constituents”). There is no additional management fee charged on MSCI AC Asia ex Japan ETF’s holding of SG MSCI India ETF and US MSCI India ETF, as detailed in note 5(a). From 14th October 2016, the name of iShares MSCI AC Asia ex Japan Index ETF was changed to iShares Core MSCI AC Asia ex Japan Index ETF. iShares MSCI Emerging Asia Index ETF (“MSCI Emerging Asia ETF”) The objective of the MSCI Emerging Asia ETF is to provide investment results that, before fees and expenses, closely correspond to the performance of the MSCI EM Asia Index. The MSCI Emerging Asia ETF is designed to track the equity market performance of emerging countries in Asia. The MSCI Emerging Asia ETF is not a registered Foreign Portfolio Investor (“FPI”) with the Securities and Exchange Investment Board of India (“SEBI”) and is investing in the SENSEX India ETF to gain exposure to the Indian market segment of the MSCI EM Asia Index. There is no additional management fee charged on MSCI Emerging Asia ETF’s holding of SENSEX India ETF, as detailed in note 5(a).

iShares Asia Trust 61 Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (“CSI 300 ETF”) The objective of the CSI 300 ETF is to provide investment results that, before fees and expenses, closely correspond to the performance of the CSI 300 Index. The CSI 300 Index is a diversified index consisting of 300 constituent stocks traded on the Shanghai and Shenzhen stock exchanges. Until 21st November 2016, the CSI 300 ETF did not hold A-Shares directly but rather gained access to the CSI 300 Index through investing in a combination of the iShares CSI Sector Index Funds1 and CAAPs or solely in CAAPs. Since 21st November 2016, the CSI 300 ETF invests in A-Shares directly in addition to CAAPs. A CAAP represents only an obligation of each CAAP Issuer to provide the economic performance equivalent to holding the underlying A-Shares. There is no additional management fee charged on the CSI 300 ETF’s holding in the CSI Sector Index Funds, as detailed in note 5(a). On 17th February 2017, the Manager announced that the CSI 300 ETF had completed its transition from a “synthetic representative” strategy to a “physical representative” strategy under which its holding in A-Shares and Physical A-Share ETFs (for cash management and contingency purposes) in aggregate comprise 90% or more of its Net Asset Value on an ongoing basis. As at 30th June 2017, the CSI 300 ETF solely invested in A-Share directly. As at 31st December 2016, the CSI 300 ETF invested in A-Shares directly in additions to CAAPs. As at 30th June 2017, there were ten (31st December 2016: fourteen) participating dealers and nil (31st December 2016: three) CAAP Issuers for the CSI 300 ETF. A list of the CAAP Issuers as at 31st December 2016 is set out in note 5(c). From 28th February 2017, the name of iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF) changed to iShares Core CSI 300 Index ETF. iShares Core KOSPI 200 Index ETF (“KOSPI 200 ETF”) The objective of the KOSPI 200 ETF is to provide investment results that, before fees and expenses, closely correspond to the performance of the KOSPI 200 Net Total Return USD Index. The KOSPI 200 Net Total Return USD Index is a free float-adjusted market capitalization weighted index based on 200 blue chip companies listed on the Korea Stock Market, which are selected on the basis of such factors as their market and sector representation and liquidity. It is calculated and maintained by the Korea Exchange. The KOSPI 200 Net Total Return USD Index is a net total return index, meaning that the performance of the KOSPI 200 Net Total Return USD Index is calculated on the basis that dividends net of tax are reinvested. iShares Core MSCI Taiwan Index ETF (“MSCI Taiwan ETF”) The objective of the MSCI Taiwan ETF is to provide investment results that, before fees and expenses, closely correspond to the performance of the MSCI Taiwan Index. The MSCI Taiwan Index is a free float-adjusted market capitalization weighted index covering approximately 85% of the Taiwan investable equity universe on a net total return basis with dividends net of tax reinvested, subject to a global minimum size requirement. It is calculated and maintained by MSCI Inc. iShares DAX Index ETF (“DAX ETF”) The objective of the DAX ETF is to provide investment results that, before fees and expenses, closely correspond to the performance of the DAX Index. The DAX Index is a free float-adjusted market capitalization weighted index that tracks the segment of the 30 largest and most important companies – known as blue chips – on the Frankfurt Stock Exchange. It is calculated and maintained by Deutsche Börse AG. The DAX Index is a gross total return index, meaning that the performance of the DAX Index is calculated on the basis that dividends gross of tax are reinvested.

1 Referred to individually or collectively as the “CSI Sector Index Funds”.

62 iShares Asia Trust Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

iShares EURO STOXX 50 Index ETF (“EURO STOXX 50 ETF”) The objective of the EURO STOXX 50 ETF is to provide investment results that, before fees and expenses, closely correspond to the performance of the EURO STOXX 50 Index. The EURO STOXX 50 Index is a free float-adjusted market capitalization weighted index. It represents the 50 largest companies – known as blue chips – in terms of free-float market capitalization in 12 Eurozone countries. It is calculated and maintained by STOXX Limited. The EURO STOXX 50 Index is net total return index, meaning the performance of the EURO STOXX 50 Index is calculated on the basis that dividends net of tax are reinvested. iShares FTSE 100 Index ETF (“FTSE 100 ETF”) The objective of the FTSE 100 ETF is to provide investment results that, before fees and expenses, closely correspond to the performance of the FTSE 100 Index. The FTSE 100 Index is a free float market capitalization weighted index of UK-listed blue chips companies. It is designed to measure the performance of the 100 largest UK companies listed on the London Stock Exchange (the “LSE”) by full market capitalization, i.e. before the application of any investability weights. It is calculated and maintained by FTSE International Limited (“FTSE”). The FTSE 100 Index is a net total return index, meaning the performance of the FTSE 100 Index is calculated on the basis that dividends net of tax are reinvested. iShares NASDAQ 100 Index ETF (“NASDAQ 100 ETF”) The objective of the NASDAQ 100 ETF is to provide investment results that, before fees and expenses, closely correspond to the performance of the NASDAQ 100 Index. The NASDAQ 100 Index is a modified market capitalization weighted index, it includes 100 of the largest US and international non-financial companies listed on The NASDAQ Stock Market LLC (“NASDAQ”) based on market capitalization. It is calculated and maintained by The NASDAQ OMX Group Inc. or its affiliates. The NASDAQ 100 Index is a net total return index, meaning the performance of the NASDAQ 100 Index is calculated on the basis that dividends net of tax are reinvested. iShares Core Hang Seng Index ETF (“Hang Seng ETF”) The objective of the Hang Seng ETF is to provide investment results that, before fees and expenses, closely correspond to performance of the Hang Seng Index (net total return version) (“HSI Net Total Return Index”). The HSI Net Total Return Index is a net total return index, meaning that the performance of the index is calculated on the basis that dividends net of tax are reinvested. The HSI Net Total Return Index is compiled and managed by Hang Seng Indexes Company Limited (“HSIL”), a wholly-owned subsidiary of Hang Seng Bank Limited and which is a fellow subsidiary under the same group of the Trustee.

2 Summary of Significant Accounting Policies These condensed semi-annual financial statements for the six months ended 30th June 2017 have been prepared in accordance with International Accounting Standard (“IAS”) 34 “Interim Financial Reporting”. The condensed semi-annual financial statements should be read in conjunction with the annual financial statements for the year ended 31st December 2016, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”). The accounting policies and methods of computation adopted in the preparation of the half year financial report are consistent with those of the annual financial statements for the year ended 31st December 2016.

iShares Asia Trust 63 Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

3 Critical Accounting Estimates and Judgments The preparation of condensed financial statements in conformity with IFRS requires Management to make estimates and assumptions that affect the amounts reported in the condensed financial statements and accompanying notes. Actual results could differ from those estimates. Management makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are outlined below. (a) Functional Currency MSCI China ETF, A50 China ETF, SENSEX India ETF, MSCI AC Asia ex Japan ETF, MSCI Emerging Asia ETF, CSI 300 ETF and Hang Seng ETF Management considers the Hong Kong dollar to be the currency that most faithfully represents the economic effect of the underlying transactions, events and conditions. The Hong Kong dollar is the currency in which the Sub-Funds measure their performance and report their results, as well as the currency in which the Sub-Funds determine the net asset value per unit at the time of issue or redemption. This determination also considers that the Sub-Funds are all listed on SEHK and their units are quoted in Hong Kong dollars. MSCI China A ETF Management considers the Renminbi (“RMB”) to be the currency that most faithfully represents the economic effect of the underlying transactions, events and conditions. The RMB is the currency in which the Sub-Fund measures its performance and reports its results, as well as the currency in which the Sub-Fund determines the net asset value per unit at the time of issue or redemption. This determination also considers that the Sub-Fund is listed on SEHK with its units quoted in RMB. KOSPI 200 ETF, MSCI Taiwan ETF and NASDAQ 100 ETF Management considers the United States dollar (“US dollar”) to be the currency that most faithfully represents the economic effect of the underlying transactions, events and conditions. The US dollar is the currency in which the Sub-Funds measure their performance and report their results, as well as the currency in which the Sub-Funds determine the net asset value per unit at the time of issue or redemption. This determination also considers that the Sub-Funds are all listed on SEHK and their units are quoted in US dollar. DAX ETF and EURO STOXX 50 ETF Management considers the Euro (“EUR”) to be the currency that most faithfully represents the economic effect of the underlying transactions, events and conditions. The EUR is the currency in which the Sub-Funds measure their performance and report their results, as well as the currency in which the Sub-Funds determine the net asset value per unit at the time of issue or redemption.

64 iShares Asia Trust Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

FTSE 100 ETF Management considers the British Pounds (“GBP”) to be the currency that most faithfully represents the economic effect of the underlying transactions, events and conditions. The GBP is the currency in which the Sub-Fund measures its performance and reports its results, as well as the currency in which the Sub-Fund determines the net asset value per unit at the time of issue or redemption. (b) Fair value of securities not quoted in an active market The fair value of such securities not quoted in an active market may be determined by the Management using reputable pricing sources (such as pricing agencies). Broker quotes as obtained from the pricing sources may be indicative and not executable or binding. The Management would exercise judgment and estimates on the quantity and quality of pricing sources used. Where no market data is available, the Management may value positions using their own models, which are usually based on valuation methods and techniques generally recognized as standard within the industry. The inputs into these models are primarily earning multiples and discounted cash flows. The models used to determine fair values are validated and periodically reviewed by experienced personnel at the Manager. Models use observable data, to the extent practicable. However, areas such as credit risk (both own and counterparty), volatilities and correlations require Management to make estimates. Changes in assumptions about these factors could affect the reported fair value of financial instruments. The determination of what constitutes “observable” requires significant judgment by the Management. The Management considers observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

iShares Asia Trust 65 Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

4 Movement of the Redeemable Units The movements of the redeemable units are as follows:

iShares MSCI iShares FTSE iShares MSCI China A International A50 China Index ETF* iShares Core S&P BSE SENSEX iShares Core MSCI AC Asia ex Japan China Index ETF Index ETF (*This is a synthetic ETF) India Index Index ETF Number of units Number of units Number of units Number of units Number of units 25.01.2016 01.01.2017 01.01.2016 01.01.2017 (date of 01.01.2017 01.01.2016 01.01.2017 01.01.2016 01.01.2017 01.01.2016 to to to inception) to to to to to to to 30.06.2017 30.06.2016 30.06.2017 30.06.2016 30.06.2017 30.06.2016 30.06.2017 30.06.2016 30.06.2017 30.06.2016 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Units in issue at the beginning of the period 76,200,000 127,800,000 10,500,000 – 2,654,000,000 3,510,000,000 45,000,000 46,600,000 105,200,000 2,400,000 Issue of units 10,800,000 6,000,000 – 19,500,000 – 24,000,000 3,800,000 800,000 67,440,000 36,000,000 Redemption of units – (26,400,000) – – (336,000,000) (688,000,000) (2,800,000) (1,400,000) (34,320,000) – Units in issue at the end of the period 87,000,000 107,400,000 10,500,000 19,500,000 2,318,000,000 2,846,000,000 46,000,000 46,000,000 138,320,000 38,400,000 HK$ HK$ RMB RMB HK$ HK$ HK$ HK$ HK$ HK$ Accounting NAV (per unit) 23.16 17.97 6.88 6.07 12.82 10.40 21.87 18.10 49.49 39.24

iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 iShares Core iShares EURO iShares MSCI A-Share Index ETF* KOSPI iShares Core MSCI iShares DAX STOXX 50 iShares FTSE iShares NASDAQ iShares Core Emerging Asia Index ETF (*This is a synthetic ETF)) 200 Index ETF Taiwan Index ETF Index ETF Index ETF 100 Index ETF 100 Index ETF Hang Seng Index ETF Number of units Number of units Number of units Number of units Number of units Number of units Number of units Number of units Number of units 18.11.2016 01.01.2017 01.01.2016 01.01.2017 01.01.2016 01.01.2017 01.01.2017 01.01.2017 01.01.2017 01.01.2017 01.01.2017 (date of to to to to to to to to to to inception) to 30.06.2017 30.06.2016 30.06.2017 30.06.2016 30.06.2017 30.06.2017 30.06.2017 30.06.2017 30.06.2017 30.06.2017 30.06.2017 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Units in issue at the beginning of the period 3,000,000 3,200,000 8,000,000 10,000,000 12,600,000 17,600,000 5,800,000 5,000,000 4,800,000 6,800,000 – Issue of units – – – – – – – – – – 9,700,000 Redemption of units – – (2,500,000) (2,000,000) (3,000,000) – – – – (800,000) (6,950,000) Units in issue at the end of the period 3,000,000 3,200,000 5,500,000 8,000,000 9,600,000 17,600,000 5,800,000 5,000,000 4,800,000 6,000,000 2,750,000 HK$ HK$ HK$ HK$ US$ US$ EUR EUR GBP US$ HK$ Accounting NAV (per unit) 49.43 39.19 27.46 23.87 1.36 1.37 1.12 1.09 0.87 1.34 93.64

66 iShares Asia Trust Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

4 Movement of the Redeemable Units The movements of the redeemable units are as follows: iShares MSCI iShares FTSE iShares MSCI China A International A50 China Index ETF* iShares Core S&P BSE SENSEX iShares Core MSCI AC Asia ex Japan China Index ETF Index ETF (*This is a synthetic ETF) India Index Index ETF Number of units Number of units Number of units Number of units Number of units 25.01.2016 01.01.2017 01.01.2016 01.01.2017 (date of 01.01.2017 01.01.2016 01.01.2017 01.01.2016 01.01.2017 01.01.2016 to to to inception) to to to to to to to 30.06.2017 30.06.2016 30.06.2017 30.06.2016 30.06.2017 30.06.2016 30.06.2017 30.06.2016 30.06.2017 30.06.2016 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Units in issue at the beginning of the period 76,200,000 127,800,000 10,500,000 – 2,654,000,000 3,510,000,000 45,000,000 46,600,000 105,200,000 2,400,000 Issue of units 10,800,000 6,000,000 – 19,500,000 – 24,000,000 3,800,000 800,000 67,440,000 36,000,000 Redemption of units – (26,400,000) – – (336,000,000) (688,000,000) (2,800,000) (1,400,000) (34,320,000) – Units in issue at the end of the period 87,000,000 107,400,000 10,500,000 19,500,000 2,318,000,000 2,846,000,000 46,000,000 46,000,000 138,320,000 38,400,000 HK$ HK$ RMB RMB HK$ HK$ HK$ HK$ HK$ HK$ Accounting NAV (per unit) 23.16 17.97 6.88 6.07 12.82 10.40 21.87 18.10 49.49 39.24 iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 iShares Core iShares EURO iShares MSCI A-Share Index ETF* KOSPI iShares Core MSCI iShares DAX STOXX 50 iShares FTSE iShares NASDAQ iShares Core Emerging Asia Index ETF (*This is a synthetic ETF)) 200 Index ETF Taiwan Index ETF Index ETF Index ETF 100 Index ETF 100 Index ETF Hang Seng Index ETF Number of units Number of units Number of units Number of units Number of units Number of units Number of units Number of units Number of units 18.11.2016 01.01.2017 01.01.2016 01.01.2017 01.01.2016 01.01.2017 01.01.2017 01.01.2017 01.01.2017 01.01.2017 01.01.2017 (date of to to to to to to to to to to inception) to 30.06.2017 30.06.2016 30.06.2017 30.06.2016 30.06.2017 30.06.2017 30.06.2017 30.06.2017 30.06.2017 30.06.2017 30.06.2017 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Units in issue at the beginning of the period 3,000,000 3,200,000 8,000,000 10,000,000 12,600,000 17,600,000 5,800,000 5,000,000 4,800,000 6,800,000 – Issue of units – – – – – – – – – – 9,700,000 Redemption of units – – (2,500,000) (2,000,000) (3,000,000) – – – – (800,000) (6,950,000) Units in issue at the end of the period 3,000,000 3,200,000 5,500,000 8,000,000 9,600,000 17,600,000 5,800,000 5,000,000 4,800,000 6,000,000 2,750,000 HK$ HK$ HK$ HK$ US$ US$ EUR EUR GBP US$ HK$ Accounting NAV (per unit) 49.43 39.19 27.46 23.87 1.36 1.37 1.12 1.09 0.87 1.34 93.64

iShares Asia Trust 67 Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

5 TRANSACTIONS WITH THE TRUSTEE, MANAGER AND CONNECTED PERSONS The following is a summary of significant related party transactions/transactions entered into during the period between the Sub-Funds and the Trustee, the Manager and their Connected Persons. Connected Persons of the Manager are those as defined in the Code on Unit Trusts and Mutual Funds issued by the Securities and Futures Commission of Hong Kong (the “SFC Code”). All transactions entered into during the period between the Sub-Funds and the Manager and its Connected Persons were carried out in the normal course of business and on normal commercial terms. To the best of the Manager’s knowledge, the Sub-Funds do not have any other transactions with Connected Persons except for those disclosed below. (a) Management Fee MSCI China ETF The Manager is entitled to receive a management fee, currently at the annual rate of 0.59% of the net asset value of the Sub-Fund. The fee is accrued daily and calculated as at each dealing day and payable monthly in arrears. MSCI China A ETF The Manager is entitled to receive a management fee, currently at the annual rate of 0.60% of the net asset value of the Sub-Fund. The fee is accrued daily and calculated as at each dealing day and payable monthly in arrears. As at 30th June 2017, the Sub-Fund had a receivable of RMB nil (31st December 2016: RMB32,079) from the Manager for the expenses of the Sub-Fund paid on behalf of the Manager. A50 China ETF The Manager is entitled to receive a management fee, currently at the annual rate of 0.99% of the net asset values of the Sub-Funds. The fee is accrued daily and calculated as at each dealing day and payable monthly in arrears. SENSEX India ETF Prior to 1st July 2016, the Manager was entitled to receive a management fee, at the annual rate of 0.99% of the net asset value of the Sub-Fund. The fee is accrued daily and calculated as at each dealing day and payable monthly in arrears. From 1st July 2016, the management fee was reduced from 0.99% to 0.64% per annum of the net asset value of the Sub-Fund. MSCI AC Asia ex Japan ETF Prior to 1st July 2016, the Manager was entitled to receive a management fee, at the annual rate of 0.59% of the net asset value of the Sub-Fund. The fee is accrued daily and calculated as at each dealing day and payable monthly in arrears. From 1st July 2016, the management fee was reduced from 0.59% to 0.28% per annum of the net asset value of the Sub-Fund. During the period ended 30th June 2017, MSCI AC Asia ex Japan ETF invested in the iShares MSCI India Index ETF (the “SG MSCI India ETF”) exchange traded funds managed by BlackRock (Singapore) Limited (“BSL”) and iShares MSCI India ETF (the “US MSCI India ETF”) exchange traded funds managed by BlackRock Fund Advisors (“BFA”). BSL and BFA are affiliated companies of the Manager. The Manager has waived the portion of the management fee charged on the SG MSCI India ETF and US MSCI India ETF, which represented MSCI AC Asia ex Japan ETF’s holding in the SG MSCI India ETF and US MSCI India ETF. During the period ended 30th June 2016, MSCI AC Asia ex Japan ETF invested in the SG MSCI India ETF. The Manager has waived the portion of the management fee charged on the SG MSCI India ETF, which represented MSCI AC Asia ex Japan ETF’s holding in the SG MSCI India ETF. 68 iShares Asia Trust Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

MSCI Emerging Asia ETF The Manager is entitled to receive a management fee, currently at the annual rate of 0.59% of the net asset value of the Sub-Fund. The fee is accrued daily and calculated as at each dealing day and payable monthly in arrears. During the periods ended 30th June 2017 and 2016, the Manager has waived the portion of the management fee charged on the SENSEX India ETF, which represented MSCI Emerging Asia ETF’s holding in the SENSEX India ETF. CSI 300 ETF Prior to 28th February 2017, the Manager was entitled to receive a management fee, at the annual rate of 0.99% of the net asset value of the Sub-Fund. The fee is accrued daily and calculated as at each dealing day and payable monthly in arrears. From 28th February 2017, the management fee was reduced from 0.99% to 0.38% per annum of the net asset value of the Sub-Fund. As at 30th June 2017, the Sub-Fund had a receivable of HK$ 8,850 (31st December 2016: HK$ nil) from the Manager for the expenses of the Sub-Fund paid on behalf of the Manager. KOSPI 200 ETF and MSCI Taiwan ETF The Manager is entitled to receive a management fee, currently at the annual rate of 0.30% of the net asset values of the Sub-Funds. The fee is accrued daily and calculated as at each dealing day and payable monthly in arrears. DAX ETF, EURO STOXX 50 ETF and FTSE 100 ETF The Manager is entitled to receive a management fee, currently at the annual rate of 0.20% of the net asset values of the Sub-Funds. The fee is accrued daily and calculated as at each dealing day and payable monthly in arrears. NASDAQ 100 ETF The Manager is entitled to receive a management fee, currently at the annual rate of 0.28% of the net asset value of the Sub-Fund. The fee is accrued daily and calculated as at each dealing day and payable monthly in arrears. Hang Seng ETF The Manager is entitled to receive a management fee, currently at the annual rate of 0.09% of the net asset value of the Sub-Fund. The fee is accrued daily and calculated as at each dealing day and payable monthly in arrears. Apart from the fees and expenses stated in notes 5(b) to (d) below, all other fees and expenses of each Sub-Fund are paid by the Manager.

iShares Asia Trust 69 Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

(b) Fees and Charges Paid to the Trustee and its Connected Persons The following fees and charges are paid to the Trustee and/or its Connected Persons by the Sub-Funds (with the exception of CSI 300 ETF (with effect from 28 February 2017) and Hang Seng ETF): (i) The transaction handling fees for the purchase and sale of investments and handling of CAAP Issuers’ collaterals across different markets:

Transaction handling fee Markets US$ Australia 10 Austria 30 Belgium 20 China A-shares 22 China B-shares 45 Euroclear 10 France 15 Finland 20 Germany 10 Greece 20 Hong Kong 10 India 25 Indonesia 25 Ireland 20 Italy 15 Japan 20 Luxembourg 10 Malaysia 20 Netherlands 20 Philippines 35 Pakistan 50 Portugal 20 Shanghai – Hong Kong Stock Connect 10 Singapore 15 South Korea 15 Spain 30 Switzerland 15 Taiwan 30

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Notes to the Unaudited Condensed Financial Statements (Continued)

Transaction handling fee Markets US$ Thailand 20 The United Kingdom 10 The United States of America 10

(ii) The administration fee for the purchase, sale and rebalancing of investments is US$15 per transaction. (iii) Safe custody and bank charges MSCI China A ETF For the period ended 30th June 2017, the MSCI China A ETF did not pay safe custody and bank charges to a Connected Person of the trustee (30th June 2016: RMB108). All other fees payable to the Trustee and its Connected Person are borne by the Manager. (c) CAAP Maintenance Charge A50 China ETF and CSI 300 ETF The CAAP Issuers are entitled to a CAAP maintenance charge. The CAAP maintenance charge equals 0.3% per annum of the daily mark to market value of the CAAPs held by the above Sub- Funds, payable at the end of each quarter based on the period’s number of actual days. From 1st April 2013, the CAAP maintenance charge was waived by the CAAP Issuers. A list of the CAAP Issuers as at 30th June 2017 and 31st December 2016 are set out as follow, where HSBC Bank plc, the ultimate holding company of the Trustee, is one of the CAAP Issuers.

As at 30th June 2017 As at 31st December 2016 Credit Suisse AG, Nassau Branch 2 Citigroup Global Markets Holdings Inc. 2 HSBC Bank plc 2 Credit Suisse AG, Nassau Branch 2, 3 JP Morgan Structured Products B.V., HSBC Bank plc 2, 3 guaranteed by JP Morgan Chase Bank, N.A 2 JP Morgan Structured Products B.V., Macquarie Bank Ltd 2 guaranteed by JP Morgan Chase Bank, N.A. 2 Macquarie Bank Ltd 2 UBS AG London Branch 2, 3

2 Applicable to A50 China ETF 3 Applicable to CSI 300 ETF

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Notes to the Unaudited Condensed Financial Statements (Continued)

(d) Transaction Costs on Financial Assets at Fair Value through Profit or Loss A50 China ETF and CSI 300 ETF The CAAP Issuers also charge a 0.3% commission (excluding stamp duty of 0.1%) on each purchase and sale of each CAAP acquired for the account of the A50 China ETF and CSI 300 ETF. 0.1% stamp duty is payable on the sale of A-Shares and is added to the CAAP commission on sale. The CAAP commission may be agreed from time to time between the Manager and the CAAP Issuers. HSBC Bank plc, the ultimate holding company of the Trustee, is one of the CAAP Issuers. The transaction costs charged by HSBC Bank plc were HK$2,295,114 (30th June 2016: HK$6,989,218) and HK$78,940 (30th June 2016: HK$22,244) for A50 China ETF and CSI 300 ETF respectively during the period ended 30th June 2017. SENSEX India ETF The IAP Issuer also charges a 0.295% commission (including Indian stamp duty of 0.1%) on each purchase and sale of each IAP acquired for the account of the Mauritius Subsidiary. For the periods and as of 30th June 2017 and 2016, the Mauritius Subsidiary did not hold any IAPs and therefore, did not incur any IAP transaction costs. (e) Bank Balances Bank balances are maintained with a group company of the Trustee, i.e. The Hongkong and Shanghai Banking Corporation Limited. Bank balances held with the group company of the Trustee as at 30th June 2017 and 31st December 2016 were as follows:

As at 30th As at 31st June December 2017 2016 (Unaudited) (Audited) Sub-Funds HK$ HK$ MSCI China ETF 5,887,238 5,114,433 A50 China ETF 229,735,445 124,048,147 SENSEX India ETF 1,950,648 2,113,901 MSCI AC Asia ex Japan ETF 13,735,864 10,430,214 MSCI Emerging Asia ETF 200,764 667,971 CSI 300 ETF 500,658 1,925,593 Hang Seng ETF 498,459 N/A

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Notes to the Unaudited Condensed Financial Statements (Continued)

As at 30th As at 31st June December 2017 2016 (Unaudited) (Audited) Sub-Funds RMB RMB MSCI China A ETF 564,441 248,920

As at 30th As at 31st June December 2017 2016 (Unaudited) (Audited) Sub-Funds US$ US$ KOSPI 200 ETF 26,573 20,887 MSCI Taiwan ETF 37,130 78,395 NASDAQ 100 ETF 12,271 29,686

As at 30th As at 31st June December 2017 2016 (Unaudited) (Audited) Sub-Funds EUR EUR DAX ETF 22,171 16,906 EURO STOXX 50 ETF 15,395 27,172

As at 30th As at 31st June December 2017 2016 (Unaudited) (Audited) Sub-Funds GBP GBP FTSE 100 ETF 12,922 14,809

During the periods ended 30th June 2017 and 2016, the bank interest income of each Sub-Fund stated in the Condensed Statement of Comprehensive Income was earned from The Hongkong and Shanghai Banking Corporation Limited, a group company of the Trustee. (f) Bank Overdraft There was no bank overdraft held with the group company of the Trustee, i.e. The Hongkong and Shanghai Banking Corporation Limited, as at 30th June 2017 and 31st December 2016. During the periods ended 30th June 2017 and 2016, the interest expenses of each Sub-Fund stated in the Condensed Statement of Comprehensive Income were paid to The Hongkong and Shanghai Banking Corporation Limited.

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Notes to the Unaudited Condensed Financial Statements (Continued)

(g) Bank Overdraft Facility The Hongkong and Shanghai Banking Corporation Limited (“HSBC”), which is a fellow subsidiary under the same group of the Trustee, has granted uncommitted banking overdraft facility lines to the Sub-Funds. The facility limit for each of the following Sub-Funds shall be the lesser of (i) the limit applicable to such Sub-Fund or (ii) an amount which is 10% of the net asset value of such Sub-Fund, except for SENSEX India ETF, which shall be the lesser of (i) the limit applicable or (ii) an amount subject to 5% of it’s net asset value under the custody of HSBC, the Trustee or any of its affiliates. For the other Sub-Funds of the Trust, HSBC may grant temporary overdraft from time to time with prior approval for ad hoc funding purpose. As at 30th June 2017 and 31st December 2016, the banking overdraft facility lines available to the following Sub-Funds were as follows: As at 30th As at 31st June December 2017 2016 (Unaudited) (Audited) Sub-Funds US$ US$ A50 China ETF 50,000,000 50,000,000 SENSEX India ETF 5,000,000 5,000,000 MSCI AC Asia ex Japan ETF 5,000,000 5,000,000 MSCI Emerging Asia ETF 5,000,000 5,000,000 CSI 300 ETF 5,000,000 5,000,000 (h) Financial Assets at Fair Value through Profit or Loss MSCI AC Asia ex Japan ETF For the Sub-Fund’s investments in the SG MSCI India ETF and US MSCI India ETF, exchange traded funds managed by BSL and BFA, which are the affiliates of the Manager, please refer to investment portfolio for details. As at 30th June 2017, the Sub-Fund had an investment of HK$26,856,481 (31st December 2016: HK$18,056,403) in Hang Seng Bank Ltd, which is a related company of the Trustee. During the period ended 30th June 2017, the Sub-Fund received dividend income of HK$595,904 (30th June 2016: HK$19,741) from its investments in Hang Seng Bank Ltd, which is a related company of the Trustee. MSCI Emerging Asia ETF For the Sub-Fund’s investments in the SENSEX India ETF, please refer to investment portfolio for details. FTSE 100 ETF As at 30th June 2017, the Sub-Fund had an investment of GBP 318,415 (31st December 2016: GBP 289,371) in HSBC Holdings Plc, which is the ultimate holding company of the Trustee. During the period ended 30th June 2017, the Sub-Fund received dividend income of GBP 10,850 from its investments in HSBC Holdings Plc, which is the ultimate holding company of the Trustee. Hang Seng ETF As at 30th June 2017, the Sub-Fund had an investment of HK$27,090,095 in HSBC Holdings Plc, which is the ultimate holding company of the Trustee, and HK$3,899,277 in Hang Seng Bank Ltd, which is a fellow subsidiary of the Trustee. During the period ended 30th June 2017, the Sub-Fund received dividend income of HK$2,583,379 and from its investments in HSBC Holdings Plc, which is the ultimate holding company of the Trustee, and HK$223,882 from its investments in Hang Seng Bank Ltd, which is a fellow subsidiary of the Trustee.

74 iShares Asia Trust Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

(i) CAAPs, Collaterals and Securities Lending Expenses in respect of the Securities Lending Arrangements A50 China ETF As at 30th June 2017, the Sub-Fund had an investment of HK$660,859,320 (31st December 2016: HK$2,038,044,470) in CAAPs issued by HSBC Bank plc, which is the ultimate holding company of the Trustee. HSBC Bank plc had provided share and fixed income collateral accounting to HK$727,991,023 (31st December 2016: HK$2,172,187,177) to the Sub-Fund in respect of the CAAPs issued. The Sub-Fund had lent CAAPs to HSBC Bank plc in return for share and fixed income collateral. During the period ended 30th June 2017, the Sub-Fund paid HK$6,085,546 (30th June 2016: HK$16,679,691) securities lending expenses in respect of the securities lending arrangements to HSBC Bank plc. CSI 300 ETF As at 30th June 2017, the Sub-Fund did not hold any investment in CAAPs issued by HSBC Bank plc (31st December 2016: HK$19,784,834). HSBC Bank plc is the ultimate holding company of the Trustee. HSBC Bank plc had provided share and fixed income collateral accounting to HK$nil (31st December 2016: HK$23,159,456) to the Sub-Fund in respect of the CAAPs issued. The Sub-Fund had lent CAAPs to HSBC Bank plc in return for share and fixed income collateral. During the period ended 30th June 2017, the Sub-Fund paid HK$15,322 (30th June 2016: HK$87,606) securities lending expenses in respect of the securities lending arrangements to HSBC Bank plc. (j) Unitholders For the periods ended 30th June 2017 and 2016, the following table discloses the units subscribed and redeemed by one of the Participating Dealers of the Sub-Funds, The Hongkong and Shanghai Banking Corporation Limited, which is a related party of the Trustee:

30th June 2017 30th June 2016 Subscriptions/ Subscriptions/ (Redemptions) (Redemptions) (Unaudited) (Unaudited) Sub-Funds units units MSCI China A ETF – 9,000,000 A50 China ETF (90,000,000) (198,000,000) SENSEX India ETF – 800,000 KOSPI 200 ETF – 2,400,000 MSCI Taiwan ETF – 2,400,000 DAX ETF – 3,800,000 EURO STOXX 50 ETF – 3,800,000 FTSE 100 ETF – 3,800,000 NASDAQ 100 ETF – 2,400,000 Hang Seng ETF (18th November 2016 (date of inception) to 30th June 2017) 3,900,000 N/A

iShares Asia Trust 75 Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

6 MAJOR NON-CASH TRANSACTIONS (a) Subscriptions Until 14th November 2008, units could only be subscribed in kind and not for cash. Since 14th November 2008, units can be subscribed either (a) in-kind for an “Application Basket” plus a “Cash Component” (where the “Application Basket” means a portfolio of securities determined by the Manager for the relevant Sub-Fund at the start of business on the relevant dealing day for the purpose of the creation and redemption of units in an Application Unit size, notified on the relevant date by the Manager to Participating Dealers for the relevant Sub-Fund, the “Cash Component” means the difference between the aggregate Net Asset Value of the units comprising an Application Unit and the “Application Basket Value”, and the “Application Basket Value” means the aggregate value of the securities constituting the Application Basket as at the valuation point on the relevant dealing day) or (b) for a cash payment equivalent to the relevant Application Basket Value plus an amount equivalent to any Cash Component, which the Manager shall use to purchase the securities comprised in the Application Basket to replicate the underlying index applicable to that Sub-Fund, provided that the Manager shall be entitled in its discretion to charge (for the account of the relevant Sub-Fund) to the applicant of any units for which cash is paid in lieu of delivering any securities such additional sum as represents the appropriate provision for duties and charges. During the periods ended 30th June 2017 and 2016, the Sub-Funds issued units through cash subscriptions and/or in exchange for Application Baskets consisting of investments plus the relevant cash component as stated in the Condensed Statement of Changes in Net Assets Attributable to Unitholders. (b) Redemptions Until 14th November 2008, units could only be redeemed in kind and not for cash. Since 14th November 2008, units can be redeemed either (a) in-kind for an Application Basket plus a cash component or (b) for a cash amount equivalent to the Application Basket Value plus a cash component. During the periods ended 30th June 2017 and 2016, the Sub-Funds redeemed units through cash redemptions and/or in exchange for Application Baskets consisting of investments plus the relevant cash component as stated in the Condensed Statement of Changes in Net Assets Attributable to Unitholders.

76 iShares Asia Trust Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

7 SOFT COMMISSION ARRANGEMENTS The Manager confirms that there have been no soft commission arrangements existing during the year in relation to directing transactions of the Sub-Funds through a broker or dealer (30th June 2016: Nil).

8 INVESTMENT LIMITATION AND PROHIBITIONS UNDER THE SFC CODE Pursuant to the SFC’s Guidelines for Regulating Index Tracking Exchange Traded Funds (the “ETF Guidelines”), the Manager is permitted to overweight the holdings of the Sub-Funds relative to their respective weightings in the underlying index, on the condition that the maximum extra weighting in any constituent securities will not exceed the maximum limit reasonably determined by the Sub-Funds and after consultation with the SFC. The maximum limit for each of the Sub-Funds has been disclosed in their respective prospectus. The Manager and Trustee have confirmed that all Sub-Funds have complied with this limit during the periods ended 30th June 2017 and 2016. The SFC Code allows the Sub-Funds to invest in constituent securities issued by a single issuer for more than 10% of the Sub-Funds’ net asset value provided that the investment is limited to any constituent securities that each accounts for more than 10% of the weighting of the Index and the Sub-Funds’ holding of any such constituent securities may not exceed their respective weightings in the Index (except as a result of changes in the composition of the Index and the excess is transitional and temporary in nature). The following Sub-Funds held constituent securities that individually accounted for more than 10% of the Sub-Funds’ net asset value and their respective weightings of the underlying index as at 30th June 2017 and 31st December 2016: MSCI China ETF

Respective weighting in the Index (%) % of net asset value 30.06.2017 31.12.2016 30.06.2017 31.12.2016 (Unaudited) (Audited) (Unaudited) (Audited) Alibaba Group Holding – SP ADR 12.22 9.43 12.09 9.38 Tencent Holdings Ltd 15.59 13.29 15.42 13.23 27.81 22.72 27.51 22.61

A50 China ETF

Respective weighting in the Index (%) % of net asset value 30.06.2017 31.12.2016 30.06.2017 31.12.2016 (Unaudited) (Audited) (Unaudited) (Audited) Ping An Insurance Group Co – A 10.57 9.11 10.51 9.09

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Notes to the Unaudited Condensed Financial Statements (Continued)

SENSEX India ETF

Respective weighting in the Index (%) % of net asset value4 30.06.2017 31.12.2016 30.06.2017 31.12.2016 (Unaudited) (Audited) (Unaudited) (Audited) HDFC Bank Limited 11.41 9.96 11.32 9.95

KOSPI 200 ETF

Respective weighting in the Index (%) % of net asset value 30.06.2017 31.12.2016 30.06.2017 31.12.2016 (Unaudited) (Audited) (Unaudited) (Audited) Samsung Electronics Co Ltd 27.30 26.25 27.21 25.94

MSCI Taiwan ETF

Respective weighting in the Index (%) % of net asset value 30.06.2017 31.12.2016 30.06.2017 31.12.2016 (Unaudited) (Audited) (Unaudited) (Audited) Hon Hai Precision Industry 10.28 8.41 10.19 8.40 Taiwan Semiconductor Manufac 28.92 28.86 28.63 28.77 39.20 37.27 38.82 37.17

NASDAQ 100 ETF

Respective weighting in the Index (%) % of net asset value 30.06.2017 31.12.2016 30.06.2017 31.12.2016 (Unaudited) (Audited) (Unaudited) (Audited) Apple Inc 11.61 10.95 11.60 10.88

4 Represents the figures of the Mauritius Subsidiary.

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Notes to the Unaudited Condensed Financial Statements (Continued)

Hang Seng ETF

Respective weighting in the Index (%) % of net asset value 30.06.2017 31.12.2016 30.06.2017 31.12.2016 (Unaudited) (Audited) (Unaudited) (Audited) HSBC Holdings Plc 10.67 N/A 10.52 N/A Tencent Holdings Ltd 10.30 N/A 10.15 N/A 20.97 N/A 20.67 N/A

Except as disclosed above, there were no other securities that individually accounted for more than 10% of the net asset value of the respective Sub-Funds as at 30th June 2017 and 31st December 2016. The following table presents the movement in the Sub-Funds’ NAV per unit and their underlying index during the periods ended 30th June 2017 and 2016.

Movement in the Movement in the Sub-Funds Underlying index NAV per unit (%) underlying index (%) 01.01.2017 01.01.2016 01.01.2017 01.01.2016 to to to to 30.06.2017 30.06.2016 30.06.2017 30.06.2016 (Unaudited) (Unaudited) (Unaudited) (Unaudited) MSCI China ETF MSCI China Index 25.27 (4.82) 25.72 (4.60) MSCI China A ETF5 MSCI China A International Index 9.36 11.635 9.76 11.435 A50 China ETF FTSE China A50 Index 18.11 (15.04) 19.50 (13.93) SENSEX India ETF BSE SENSEX Index 23.08 1.85 23.67 2.41 MSCI AC Asia ex Japan ETF MSCI All Country Asia ex Japan Index 23.60 2.40 23.66 2.28 MSCI Emerging Asia ETF MSCI EM Asia Index 24.35 2.35 24.02 2.35 CSI 300 ETF CSI 300 Index 13.41 (18.39) 15.03 (16.43) KOSPI 200 ETF KOSPI 200 Net Total Return USD Index 26.97 N/A 28.25 N/A MSCI Taiwan ETF MSCI Taiwan Index 21.35 N/A 21.58 N/A DAX ETF DAX Index 6.55 N/A 7.35 N/A EURO STOXX 50 ETF EURO STOXX 50 Index 6.58 N/A 6.71 N/A FTSE 100 ETF FTSE 100 Index 4.49 N/A 4.66 N/A NASDAQ 100 ETF NASDAQ 100 Index 16.35 N/A 16.56 N/A Hang Seng ETF6 HSI Net Total Return Index 17.516 N/A 17.676 N/A

5 This is the movement in Sub-Fund’s NAV per unit and its underlying index since inception. The Sub-Fund was launched on 25th January 2016. 6 This is the movement in Sub-Fund’s NAV per unit and its underlying index since inception. The Sub-Fund was launched on 18th November 2016.

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Notes to the Unaudited Condensed Financial Statements (Continued)

9 INTEREST IN OTHER ENTITIES The Sub-Funds’ investments in other funds are subject to the terms and conditions of the other fund’s prospectuses and are susceptible to market price risk arising from uncertainties about future values of those other funds. The Manager makes investment decisions after extensive due diligence of the other funds and their strategy. As at 30th June 2017 and 31st December 2016, no Sub-Funds held investments in other funds, except for SENSEX India ETF, MSCI AC Asia ex Japan ETF and MSCI Emerging Asia ETF. SENSEX India ETF As at 30th June 2017 and 31st December 2016, SENSEX India ETF invested in the Mauritius Subsidiary. The right of the SENSEX India ETF to request redemption of its investments in the Mauritius Subsidiary is on a daily basis. SENSEX India ETF’s exposure to investments in Mauritius Subsidiary at fair value is disclosed in the following table. These investments are included in financial assets at fair value through profit or loss in the Condensed Statement of Financial Position. As at 30th June 2017 (Unaudited)

Net asset value of Investment % of net Strategy Mauritius Subsidiary fair value asset value HK$ million HK$ Equity index tracking 1,004 1,004,436,990 99.85

As at 31st December 2016 (Audited)

Net asset value of Investment % of net Strategy Mauritius Subsidiary fair value asset value HK$ million HK$ Equity index tracking 798 797,797,824 99.77

SENSEX India ETF’s maximum exposure to loss from its interests in the Mauritius Subsidiary is equal to the total fair value of its investments in the Mauritius Subsidiary. Once the SENSEX India ETF has disposed of its shares in the Mauritius Subsidiary, the SENSEX India ETF ceases to be exposed to any risk from the Mauritius Subsidiary. The SENSEX India ETF’s investment strategy entails trading in Mauritius Subsidiary on a regular basis. Total purchases in the Mauritius Subsidiary during the period ended 30th June 2017 were HK$75,461,870 (30th June 2016: HK$13,959,122). As at 30th June 2017 and 31st December 2016, there were no capital commitment obligations and no amounts due to the Mauritius Subsidiary for unsettled purchases. During the period ended 30th June 2017, total net gain incurred on investments in the Mauritius Subsidiary were HK$190,615,018 (30th June 2016: net gains of HK$17,020,795).

80 iShares Asia Trust Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

MSCI AC Asia ex Japan ETF As at 30th June 2017 and 31st December 2016, MSCI AC Asia ex Japan ETF invested in the SG MSCI India ETF and US MSCI India ETF, to gain access to the India securities comprised in the Underlying Index. The rights of the MSCI AC Asia ex Japan ETF to request redemption of its investments in the SG MSCI India ETF and US MSCI India ETF are on a daily basis. MSCI AC Asia ex Japan ETF’s exposure to investments in SG MSCI India ETF and US MSCI India ETF at fair value is disclosed in the following table. These investments are included in financial assets at fair value through profit or loss in the Condensed Statement of Financial Position. As at 30th June 2017 (Unaudited)

Net asset Investment % of net Strategy value fair value asset value HK$ million HK$ Equity index tracking – SG MSCI India ETF 2,414 231,019,202 3.37 – US MSCI India ETF 39,162 459,729,749 6.72 690,748,951 10.09

As at 31st December 2016 (Audited)

Net asset Investment % of net Strategy value fair value asset value HK$ million HK$ Equity index tracking – SG MSCI India ETF 2,829 409,017,449 9.71

MSCI AC Asia ex Japan ETF’s maximum exposure to loss from its interests in SG MSCI India ETF and US MSCI India ETF are equal to the total fair value of its investments in SG MSCI India ETF and US MSCI India ETF. Once the MSCI AC Asia ex Japan ETF has disposed of its shares in SG MSCI India ETF and US MSCI India ETF, the MSCI AC Asia ex Japan ETF ceases to be exposed to any risk from SG MSCI India ETF and US MSCI India ETF. The MSCI AC Asia ex Japan ETF’s investment strategy entails trading in SG MSCI India ETF and US MSCI India ETF on a regular basis. Total purchases in the SG MSCI India ETF and US MSCI India ETF during the period ended 30th June 2017 was HK$568,524,912 (30th June 2016: HK$133,353,425). As at 30th June 2017 and 31st December 2016, there were no capital commitment obligations and no amounts due to the SG MSCI India ETF and US MSCI India ETF for unsettled purchases. During the period ended 30th June 2017, total net gains incurred on investments in the SG MSCI India ETF and US MSCI India ETF was HK$90,162,417 (30th June 2016: net gains of HK$5,172,722).

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Notes to the Unaudited Condensed Financial Statements (Continued)

MSCI Emerging Asia ETF As at 30th June 2017 and 31st December 2016, MSCI Emerging Asia ETF invested in the SENSEX India ETF. The right of the MSCI Emerging Asia ETF to request redemption of its investments in the SENSEX India ETF is on a daily basis. MSCI Emerging Asia ETF’s exposure to investments in SENSEX India ETF at fair value is disclosed in the following table. These investments are included in financial assets at fair value through profit or loss in the Condensed Statement of Financial Position. As at 30th June 2017 (Unaudited)

Net asset value of Investment % of net Strategy SENSEX India ETF fair value asset value HK$ million HK$ Equity index tracking 1,006 17,734,749 11.96

As at 31st December 2016 (Audited)

Net asset value of Investment % of net Strategy SENSEX India ETF fair value asset value HK$ million HK$ Equity index tracking 800 14,065,163 11.79

MSCI Emerging Asia ETF’s maximum exposure to loss from its interests in SENSEX India ETF is equal to the total fair value of its investments in SENSEX India ETF. Once the MSCI Emerging Asia ETF has disposed of its shares in SENSEX India ETF, the MSCI Emerging Asia ETF ceases to be exposed to any risk from SENSEX India ETF. The MSCI Emerging Asia ETF’s investment strategy entails trading in SENSEX India ETF on a regular basis. Total purchases in the SENSEX India ETF during the period ended 30th June 2017 were HK$440,100 (30th June 2016: HK$279,144). As at 30th June 2017 and 31st December 2016, there were no capital commitment obligations and no amounts due to the SENSEX India ETF for unsettled purchases. During the period ended 30th June 2017, total net gains incurred on investments in the SENSEX India ETF were HK$3,229,586 (30th June 2016: net gains of HK$274,187).

82 iShares Asia Trust Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

10 FAIR VALUE ESTIMATION The fair value of investments traded in active markets (such as publicly traded derivatives and trading securities) are based on quoted market prices at the close of trading on the reporting date. Investments that are listed or traded on an exchange are fair valued based on the last traded market prices. An active market is a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. As at 30th June 2017, 100% (31st December 2016: 100%) of the financial assets at fair value through profit or loss relate to the SENSEX India ETF’s investment in the Mauritius Subsidiary that has been fair valued in accordance with the policies set out in note 2(d) of the annual financial statements for year ended 31st December 2016. The shares of the Mauritius Subsidiary are not publicly traded; redemptions can only be made by the SENSEX India ETF on the redemption dates as specified in the offering document. As a result, the carrying value of the Mauritius Subsidiary may not be indicative of the value ultimately realized on redemption. The fair value of the investment in Mauritius Subsidiary is primarily based on the latest net asset value of the Mauritius Subsidiary’s participating shares as reported by its administrator. The SENSEX India ETF may make adjustments to the value based on considerations such as; liquidity of the SENSEX India ETF’s holding in the Mauritius Subsidiary or its underlying investments. IFRS 13 requires the Sub-Funds to classify their fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: • Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date (level 1). • Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly (level 2). • Inputs for the asset or liability that are unobservable inputs (level 3). The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability. The determination of what constitutes “observable” requires significant judgment by the Manager. The Manager considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

iShares Asia Trust 83 Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

The following tables analyze within the fair value hierarchy the Sub-Funds’ financial assets and liabilities at fair value through profit or loss (by class) measured at fair value at 30th June 2017 and 31st December 2016.

Level 1 Level 2 Level 3 Total MSCI China ETF HK$ HK$ HK$ HK$ 30th June 2017 (Unaudited) Assets Financial assets at fair value through profit or loss – Equity Securities 1,993,960,943 – 41 1,993,960,984 Total assets 1,993,960,943 – 41 1,993,960,984 Liabilities Financial liabilities at fair value through profit or loss – Futures (120,400) – – (120,400) Total liabilities (120,400) – – (120,400) 31st December 2016 (Audited) Assets Financial assets at fair value through profit or loss – Equity Securities 1,404,195,897 – 34 1,404,195,931 – Futures 72,150 – – 72,150 Total assets 1,404,268,047 – 34 1,404,268,081

84 iShares Asia Trust Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

Level 1 Level 2 Level 3 Total MSCI China A ETF RMB RMB RMB RMB 30th June 2017 (Unaudited) Assets Financial assets at fair value through profit or loss – Equity Securities 67,630,239 1,948,081 2,143,796 71,722,116 Total assets 67,630,239 1,948,081 2,143,796 71,722,116 31st December 2016 (Audited) Assets Financial assets at fair value through profit or loss – Equity Securities 62,840,779 1,696,619 1,265,617 65,803,015 Total assets 62,840,779 1,696,619 1,265,617 65,803,015

Level 1 Level 2 Level 3 Total A50 China ETF HK$ HK$ HK$ HK$ 30th June 2017 (Unaudited) Assets Financial assets at fair value through profit or loss – Equity Securities 21,058,024,223 483,225,431 424,221,312 21,965,470,966 – CAAPs – 7,549,049,299 – 7,549,049,299 Total assets 21,058,024,223 8,032,274,730 424,221,312 29,514,520,265 31st December 2016 (Audited) Assets Financial assets at fair value through profit or loss – Equity Securities 14,265,909,246 132,100,137 – 14,398,009,383 – CAAPs – 14,331,170,538 – 14,331,170,538 Total assets 14,265,909,246 14,463,270,675 – 28,729,179,921

iShares Asia Trust 85 Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

Level 1 Level 2 Level 3 Total SENSEX India ETF HK$ HK$ HK$ HK$ 30th June 2017 (Unaudited) Assets Financial assets at fair value through profit or loss – Investment fund – 1,004,436,990 – 1,004,436,990 Total assets – 1,004,436,990 – 1,004,436,990 31st December 2016 (Audited) Assets Financial assets at fair value through profit or loss – Investment fund – 797,797,824 – 797,797,824 Total assets – 797,797,824 – 797,797,824

Level 1 Level 2 Level 3 Total MSCI AC Asia ex Japan ETF HK$ HK$ HK$ HK$ 30th June 2017 (Unaudited) Assets Financial assets at fair value through profit or loss – Equity Securities 6,809,265,881 2,798,573 5 6,812,064,459 – Unlisted equities – – 1 1 Total assets 6,809,265,881 2,798,573 6 6,812,064,460 31st December 2016 (Audited) Assets Financial assets at fair value through profit or loss – Equity Securities 4,200,054,409 1,438,983 – 4,201,493,392 – Unlisted equities – – 1 1 Total assets 4,200,054,409 1,438,983 1 4,201,493,393

86 iShares Asia Trust Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

Level 1 Level 2 Level 3 Total MSCI Emerging Asia ETF HK$ HK$ HK$ HK$ 30th June 2017 (Unaudited) Assets Financial assets at fair value through profit or loss – Equity Securities 147,395,302 119,783 1 147,515,086 Total assets 147,395,302 119,783 1 147,515,086 31st December 2016 (Audited) Assets Financial assets at fair value through profit or loss – Equity Securities 118,543,218 90,010 1 118,633,229 Total assets 118,543,218 90,010 1 118,633,229

Level 1 Level 2 Level 3 Total CSI 300 ETF HK$ HK$ HK$ HK$ 30th June 2017 (Unaudited) Assets Financial assets at fair value through profit or loss – Equity Securities 143,217,980 3,741,141 3,579,790 150,538,911 Total assets 143,217,980 3,741,141 3,579,790 150,538,911 31st December 2016 (Audited) Assets Financial assets at fair value through profit or loss – Equity Securities 48,142,891 1,156,775 – 49,299,666 – CAAPs – 142,948,007 213,686 143,161,693 Total assets 48,142,891 144,104,782 213,686 192,461,359

iShares Asia Trust 87 Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

Level 1 Level 2 Level 3 Total KOSPI 200 ETF US$ US$ US$ US$ 30th June 2017 (Unaudited) Assets Financial assets at fair value through profit or loss – Equity Securities 12,952,108 61,597 9,084 13,022,789 Total assets 12,952,108 61,597 9,084 13,022,789 31st December 2016 (Audited) Assets Financial assets at fair value through profit or loss – Equity Securities 13,258,094 42,241 9,681 13,310,016 Total assets 13,258,094 42,241 9,681 13,310,016

Level 1 Level 2 Level 3 Total MSCI Taiwan ETF US$ US$ US$ US$ 30th June 2017 (Unaudited) Assets Financial assets at fair value through profit or loss – Equity Securities 23,847,446 – – 23,847,446 Total assets 23,847,446 – – 23,847,446 31st December 2016 (Audited) Assets Financial assets at fair value through profit or loss – Equity Securities 19,767,905 – – 19,767,905 Total assets 19,767,905 – – 19,767,905

88 iShares Asia Trust Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

Level 1 Level 2 Level 3 Total DAX ETF EUR EUR EUR EUR 30th June 2017 (Unaudited) Assets Financial assets at fair value through profit or loss – Equity Securities 6,450,590 – – 6,450,590 Total assets 6,450,590 – – 6,450,590 31st December 2016 (Audited) Assets Financial assets at fair value through profit or loss – Equity Securities 6,063,264 – – 6,063,264 Total assets 6,063,264 – – 6,063,264

Level 1 Level 2 Level 3 Total EURO STOXX 50 ETF EUR EUR EUR EUR 30th June 2017 (Unaudited) Assets Financial assets at fair value through profit or loss – Equity Securities 5,423,114 – – 5,423,114 Total assets 5,423,114 – – 5,423,114 31st December 2016 (Audited) Assets Financial assets at fair value through profit or loss – Equity Securities 5,078,529 – – 5,078,529 Total assets 5,078,529 – – 5,078,529

iShares Asia Trust 89 Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

Level 1 Level 2 Level 3 Total FTSE 100 ETF GBP GBP GBP GBP 30th June 2017 (Unaudited) Assets Financial assets at fair value through profit or loss – Equity Securities 4,134,417 – – 4,134,417 – Unlisted equities – – 270 270 Total assets 4,134,417 – 270 4,134,687 31st December 2016 (Audited) Assets Financial assets at fair value through profit or loss – Equity Securities 3,963,341 – – 3,963,341 – Unlisted equities – – 313 313 Total assets 3,963,341 – 313 3,963,654

Level 1 Level 2 Level 3 Total NASDAQ 100 ETF US$ US$ US$ US$ 30th June 2017 (Unaudited) Assets Financial assets at fair value through profit or loss – Equity Securities 8,043,180 – – 8,043,180 Total assets 8,043,180 – – 8,043,180 31st December 2016 (Audited) Assets Financial assets at fair value through profit or loss – Equity Securities 7,822,780 – – 7,822,780 Total assets 7,822,780 – – 7,822,780

90 iShares Asia Trust Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

Level 1 Level 2 Level 3 Total Hang Seng ETF HK$ HK$ HK$ HK$ 30th June 2017 (Unaudited) Assets Financial assets at fair value through profit or loss – Equity Securities 253,999,999 – – 253,999,999 Total assets 253,999,999 – – 253,999,999 Liabilities Financial liabilities at fair value through profit or loss – Futures (13,300) – – (13,300) Total assets (13,300) – – (13,300)

Investments whose values are based on quoted market prices in active markets are classified within level 1. The Sub-Funds do not adjust the quoted price for these instruments. Investments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2. The Sub-Funds’ level 2 investments are mainly CAAPs, suspended equity securities and unlisted rights. As at 30th June 2017 and 31st December 2016, the SENSEX India ETF classified its investment in the Mauritius Subsidiary as level 2 within the fair value hierarchy, as the Manager believes the SENSEX India ETF could have redeemed its investment at the net asset value per share, as at the condensed statement of financial position date. The investment was valued at fair value using the net asset value as reported by the Mauritius Subsidiary’s administrator. Investments classified within level 3 have significant unobservable inputs, as they are infrequently traded. As at 30th June 2017, the level 3 investments consisted of equity securities held by the MSCI China ETF, MSCI China A ETF, A50 China ETF, MSCI AC Asia ex Japan ETF, MSCI Emerging Asia ETF, CSI 300 ETF, KOSPI 200 ETF and FTSE 100 ETF priced using an external pricing source, that are suspended from trading and unlisted equities. Level 3 valuations are reviewed monthly by the Manager’s valuation committee who evaluates the appropriateness of the valuation of the investments.

iShares Asia Trust 91 Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

The following tables present the sensitivity analysis for the level 3 investments held by the Sub-Funds as at 30th June 2017 and 31st December 2016. MSCI China ETF A sensitivity analysis for level 3 investments held by the MSCI China ETF as at 30th June 2017 and 31st December 2016 were not presented, as it was deemed that the impact of reasonable changes in inputs were not significant. MSCI China A ETF A sensitivity analysis for level 3 investments held by the MSCI China A ETF as at 30th June 2017 and 31st December 2016 were not presented, as it was deemed that the impact of reasonable changes in inputs were not significant. A50 China ETF A sensitivity analysis for level 3 investments held by the A50 China ETF as at 30th June 2017 and 31st December 2016 were not presented, as it was deemed that the impact of reasonable changes in inputs were not significant. MSCI AC Asia ex Japan ETF A sensitivity analysis for level 3 investments held by the MSCI AC Asia ex Japan ETF as at 30th June 2017 and 31st December 2016 were not presented, as it was deemed that the impact of reasonable changes in inputs were not significant. MSCI Emerging Asia ETF A sensitivity analysis for level 3 investments held by the MSCI Emerging Asia ETF as at 30th June 2017 and 31st December 2016 were not presented, as it was deemed that the impact of reasonable changes in inputs were not significant. CSI 300 ETF A sensitivity analysis for level 3 investments held by the CSI 300 ETF as at 30th June 2017 and 31st December 2016 were not presented, as it was deemed that the impact of reasonable changes in inputs were not significant. KOSPI 200 ETF A sensitivity analysis for level 3 investments held by the KOSPI 200 ETF as at 30th June 2017 and 31st December 2016 were not presented, as it was deemed that the impact of reasonable changes in inputs were not significant. FTSE 100 ETF A sensitivity analysis for level 3 investments held by the FTSE 100 ETF as at 30th June 2017 and 31st December 2016 were not presented, as it was deemed that the impact of reasonable changes in inputs were not significant.

92 iShares Asia Trust Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

During the period/year ended 30th June 2017 and 31st December 2016, there were no transfers between levels of investments held by the Sub-Funds, except for the below. The following table presents the transfers between levels of investments held for the period ended 30th June 2017 (Unaudited):

Level 1 Level 2 Level 3 MSCI China ETF HK$ HK$ HK$ Transfers from levels 1 to 3: Assets Financial assets at fair value through profit or loss – Equity Securities Packaged Foods & Meats (7) – 7 (7) – 7

The equity securities transferred from level 1 to level 3 related to securities were suspended over two months from trading as at 30th June 2017 but were actively traded on 31st December 2016.

Level 1 Level 2 Level 3 MSCI China A ETF RMB RMB RMB Transfers from levels 1 to 2: Assets Financial assets at fair value through profit or loss – Equity Securities Consumer Discretionary (89,422) 89,422 – Consumer Staples (57,078) 57,078 – Energy (314,289) 314,289 – Health Care (291,422) 291,422 – Industrials (656,825) 656,825 – Real Estate (83,752) 83,752 – Utilities (224,640) 224,640 – (1,717,428) 1,717,428 –

iShares Asia Trust 93 Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

Level 1 Level 2 Level 3 MSCI China A ETF RMB RMB RMB Transfers from levels 1 to 3: Assets Financial assets at fair value through profit or loss – Equity Securities Consumer Discretionary (138,229) – 138,229 Consumer Staples (65,736) – 65,736 Energy (82,560) – 82,560 Financials (56,166) – 56,166 Health Care (112,873) – 112,873 Industrials (65,646) – 65,646 Information Technology (382,378) – 382,378 Telecommunication Services (514,683) – 514,683 (1,418,271) – 1,418,271 Transfers from levels 2 to 1: Assets Financial assets at fair value through profit or loss – Equity Securities Consumer Discretionary 49,585 (49,585) – Financials 433,585 (433,585) – Health Care 55,498 (55,498) – Industrials 197,670 (197,670) – Information Technology 34,944 (34,944) – Material 64,596 (64,596) – Real Estate 85,541 (85,541) – 921,419 (921,419) –

94 iShares Asia Trust Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

Level 1 Level 2 Level 3 MSCI China A ETF RMB RMB RMB Transfers from levels 2 to 3: Assets Financial assets at fair value through profit or loss – Equity Securities Consumer Discretionary – (158,438) 158,438 Information Technology – (148,818) 148,818 Material – (66,339) 66,339 – (373,595) 373,595 Transfers from levels 3 to 1: Assets Financial assets at fair value through profit or loss – Equity Securities Consumer Discretionary 63,112 – (63,112) Financials 48,081 – (48,081) Information Technology 139,623 – (139,623) 250,816 – (250,816) Transfers from levels 3 to 2: Assets Financial assets at fair value through profit or loss – Equity Securities Industrials – 167,297 (167,297) – 167,297 (167,297)

The equity securities transferred from level 1 to level 2 related to securities which were suspended from trading for two months or less as at 30th June 2017 but were actively traded on 31st December 2016. The equity securities transferred from level 1 to level 3 related to securities which were suspended over two months from trading as at 30th June 2017 but were actively traded on 31st December 2016. The equity securities transferred from level 2 to level 1 related to securities which were actively traded on 30th June 2017 but were suspended from trading for two months or less as at 31st December 2016. The equity securities transferred from level 2 to level 3 related to securities which were suspended over two months from trading as at 30th June 2017 but were suspended from trading for two months or less as at 31st December 2016. The equity securities transferred from level 3 to level 1 related to securities with active trading as at 30th June 2017 but were suspended from trading on 31st December 2016. The equity securities transferred from level 3 to level 2 related to securities as at which were suspended from trading for two months or less as at 30th June 2017 but were suspended from trading on 31st December 2016.

iShares Asia Trust 95 Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

Level 1 Level 2 Level 3 A50 China ETF HK$ HK$ HK$ Transfers from levels 1 to 2: Assets Financial assets at fair value through profit or loss – Equity Securities Energy (214,104,028) 214,104,028 – Industrials (269,121,403) 269,121,403 – (483,225,431) 483,225,431 – Transfers from level 1 to 3 Assets Financial assets at fair value through profit or loss – Equity Securities Telecommunication Services (424,221,312) – 424,221,312 (424,221,312) – 424,221,312

Level 1 Level 2 Level 3 MSCI AC Asia ex Japan ETF HK$ HK$ HK$ Transfers from levels 1 to 2: Assets Financial assets at fair value through profit or loss – Equity Securities Consumer Staples (2,798,573) 2,798,573 – (2,798,573) 2,798,573 – Transfers from levels 1 to 3: Assets Financial assets at fair value through profit or loss – Equity Securities Consumer Staples (5) – 5 (5) – 5

96 iShares Asia Trust Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

Level 1 Level 2 Level 3 MSCI Emerging Asia ETF HK$ HK$ HK$ Transfers from levels 1 to 2: Assets Financial assets at fair value through profit or loss – Equity Securities Consumer Staples (119,783) 119,783 – (119,783) 119,783 –

Level 1 Level 2 Level 3 CSI 300 ETF HK$ HK$ HK$ Transfers from levels 1 to 2: Assets Financial assets at fair value through profit or loss – Equity Securities Consumer Discretionary (221,622) 221,622 – Energy (654,811) 654,811 – Health Care (555,151) 555,151 – Industrials (1,472,179) 1,472,179 – Utilities (649,472) 649,472 – (3,553,235) 3,553,235 –

iShares Asia Trust 97 Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

Level 1 Level 2 Level 3 CSI 300 ETF HK$ HK$ HK$ Transfers from levels 1 to 3: Assets Financial assets at fair value through profit or loss – Equity Securities Consumer Discretionary (396,334) – 396,334 Energy (138,507) – 138,507 Health Care (176,400) – 176,400 Industrials (138,048) – 138,048 Information Technology (1,386,970) – 1,386,970 Telecommunication Services (884,667) – 884,667 (3,120,926) – 3,120,926 Transfers from levels 2 to 1: Assets Financial assets at fair value through profit or loss – Equity Securities Financials 157,138 (157,138) – 157,138 (157,138) – Transfers from levels 2 to 3: Assets Financial assets at fair value through profit or loss – Equity Securities Information Technology – (458,864) 458,864 – (458,864) 458,864

98 iShares Asia Trust Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

Level 1 Level 2 Level 3 KOSPI 200 ETF US$ US$ US$ Transfers from levels 1 to 2: Assets Financial assets at fair value through profit or loss – Equity Securities Consumer Staples (54,402) 54,402 – Health care (7,195) 7,195 – (61,597) 61,597 –

The equity securities transferred from level 1 to level 2 were related to securities which were suspended from trading for two months or less as at 30th June 2017 but were actively traded on 31st December 2016.

Level 1 Level 2 Level 3 FTSE 100 ETF GBP GBP GBP Transfers from levels 1 to 3: Assets Financial assets at fair value through profit or loss – Equity Securities Industrials (270) – 270 (270) – 270

The equity securities transferred from level 1 to level 3 were related to securities which were unlisted as at 30th June 2017. The following table presents the transfers between levels of investments held for the year ended 31st December 2016 (Audited):

Level 1 Level 2 Level 3 MSCI China ETF HK$ HK$ HK$ Transfers from levels 3 to 1: Assets Financial assets at fair value through profit or loss – Equity Securities Real Estate Development 3,319,546 – (3,319,546) 3,319,546 – (3,319,546)

The equity securities transferred from level 3 to level 1 related to securities with active trading as at 31st December 2016 but were suspended from trading on 31st December 2015.

iShares Asia Trust 99 Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

Level 1 Level 2 Level 3 MSCI China A ETF RMB RMB RMB Transfers from levels 1 to 3: Assets Financial assets at fair value through profit or loss – Equity Securities Consumer Discretionary (164,200) – 164,200 Financials (69,564) – 69,564 Industrials (422,275) – 422,275 Information Technology (448,378) – 448,378 Materials (161,200) – 161,200 (1,265,617) – 1,265,617 Transfers from levels 1 to 2: Assets Financial assets at fair value through profit or loss – Equity Securities Consumer Discretionary (230,409) 230,409 – Financials (494,348) 494,348 – Health Care (43,340) 43,340 – Industrials (198,592) 198,592 – Information Technology (271,245) 271,245 – Materials (132,111) 132,111 – Real Estate (326,574) 326,574 – (1,696,619) 1,696,619 –

The equity securities transferred from level 1 to level 3 related to securities which were suspended over two months from trading as at 31st December 2016. The equity securities transferred from level 1 to level 2 related to securities which were suspended from trading for two months or less as at 31st December 2016.

100 iShares Asia Trust Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

Level 1 Level 2 Level 3 A50 China ETF HK$ HK$ HK$ Transfers from levels 1 to 2: Assets Financial assets at fair value through profit or loss – Equity Securities Financials (132,100,137) 132,100,137 – (132,100,137) 132,100,137 –

The equity securities transferred from level 1 to level 2 related to securities which were suspended from trading as at 31st December 2016 but were actively traded on 31st December 2015.

Level 1 Level 2 Level 3 MSCI AC Asia ex Japan ETF HK$ HK$ HK$ Transfers from levels 1 to 3: Assets Financial assets at fair value through profit or loss – Equity Securities Financials (1) – 1 (1) – 1 Transfers from levels 1 to 2: Assets Financial assets at fair value through profit or loss – Equity Securities Financials (1,438,983) 1,438,983 – (1,438,983) 1,438,983 –

The equity securities transferred from level 1 to level 3 related to securities which were suspended over two months from trading as at 31st December 2016 but were actively traded on 31st December 2015. The equity securities transferred from level 1 to level 2 related to securities which were suspended from trading for two months or less as at 31st December 2016 but were actively traded on 31st December 2015.

iShares Asia Trust 101 Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

Level 1 Level 2 Level 3 MSCI Emerging Asia ETF HK$ HK$ HK$ Transfers from levels 1 to 2: Assets Financial assets at fair value through profit or loss – Equity Securities Financials (90,010) 90,010 – (90,010) 90,010 – Transfers from levels 3 to 1: Assets Financial assets at fair value through profit or loss – Equity Securities Real Estate 132,750 – (132,750) 132,750 – (132,750) The equity securities transferred from level 1 to level 2 related to securities which were suspended from trading for two months or less as at 31st December 2016 but were actively traded on 31st December 2015. The equity securities transferred from level 3 to level 1 related to securities which were actively traded as at 31st December 2016 but were suspended on 31st December 2015.

Level 1 Level 2 Level 3 CSI 300 ETF HK$ HK$ HK$ Transfers from levels 1 to 2: Assets Financial assets at fair value through profit or loss – Equity Securities Financials (325,743) 325,743 – Industrials (149,592) 149,592 – Information Technology (681,440) 681,440 – (1,156,775) 1,156,775 –

102 iShares Asia Trust Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

Level 1 Level 2 Level 3 CSI 300 ETF HK$ HK$ HK$ Transfers from levels 2 to 3: Assets Financial assets at fair value through profit or loss – CAAPs Industrials – (104,958) 104,958 Information Technology – (108,728) 108,728 – (213,686) 213,686 Transfers from levels 3 to 2: Assets Financial assets at fair value through profit or loss – CAAPs Consumer Staples – 344,398 (344,398) Financials – 720,759 (720,759) Information Technology – 1,392,405 (1,392,405) Real Estate – 3,637,930 (3,637,930) Utilities – 235,473 (235,473) – 6,330,965 (6,330,965) The equity securities transferred from level 1 to level 2 related to securities which were suspended from trading for two months or less as at 31st December 2016 but were actively traded on 31st December 2015. The CAAPs transferred from level 2 to level 3 related to underlying securities which were suspended over two months from trading as at 31st December 2016 but were actively traded on 31st December 2015. The CAAPs transferred from level 3 to level 2 related to underlying securities which were actively traded as at 31st December 2016 but suspended from trading on 31st December 2015.

iShares Asia Trust 103 Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

Level 1 Level 2 Level 3 KOSPI 200 ETF US$ US$ US$ Transfers from levels 1 to 3: Assets Financial assets at fair value through profit or loss – Equity Securities Industrials (9,681) – 9,681 (9,681) – 9,681 Transfers from levels 1 to 2: Assets Financial assets at fair value through profit or loss – Equity Securities Health Care (14,083) 14,083 – Financials (28,158) 28,158 – (42,241) 42,241 – The equity securities transferred from level 1 to level 3 related to securities which were suspended over two months from trading as at 31st December 2016. The equity securities transferred from level 1 to level 2 were related to securities which were suspended from trading for two months or less as at 31st December 2016.

Level 1 Level 2 Level 3 FTSE 100 ETF GBP GBP GBP Transfers from levels 1 to 3: Assets Financial assets at fair value through profit or loss – Equity Securities Industrials (313) – 313 (313) – 313 The equity securities transferred from level 1 to level 3 related to securities which were unlisted as at 31st December 2016.

104 iShares Asia Trust Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

The following table represents the movement in level 3 equity securities held by MSCI China ETF for the period/year ended 30th June 2017 and 31st December 2016.

As at As at 30th June 31st December 2017 2016 (Unaudited) (Audited) HK$ HK$ Equity securities Opening balance 34 10,223,315 Transfers from level 1 to level 3 7 (3,319,546) Sales – (4,931,752) Losses recognized in Condensed Statement of Comprehensive Income – (1,971,983) Closing balance 41 34 Total losses for the period/year included in Condensed Statement of Comprehensive Income for assets held at the end of the reporting period/year (2,167,569) –

The following table represents the movement in level 3 equity securities held by MSCI China A ETF for the periods ended 30th June 2017 and 31st December 2016.

As at As at 30th June 31st December 2017 2016 (Unaudited) (Audited) RMB RMB Equity securities Opening balance 1,265,617 – Transfers from level 1 into level 3 1,418,271 1,265,617 Transfers from level 2 into level 3 373,595 – Transfers from level 3 into level 1 (250,816) – Transfers from level 3 into level 2 (167,297) – Sales (400,154) – Losses recognized in Condensed Statement of Comprehensive Income (95,420) – Closing balance 2,143,796 1,265,617 Total gains for the period included in Condensed Statement of Comprehensive Income for assets held at the end of the reporting period 77,108 8,515

iShares Asia Trust 105 Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

The following table represents the movement in level 3 derivative instruments and equity securities held by A50 China ETF for the period/year ended 30th June 2017 and 31st December 2016.

As at As at 30th June 31st December 2017 2016 (Unaudited) (Audited) HK$ HK$ CAAPs and equity securities Opening balance – 2,284,392,062 Sales – (1,633,885,691) Transfers from level 1 into level 3 424,221,312 – Losses recognized in Condensed Statement of Comprehensive Income – (650,506,371) Closing balance 424,221,312 – Total losses for the period/year included in Condensed Statement of Comprehensive Income for assets held at the end of the reporting period/year (7,567,751) –

The following table represents the movement in level 3 equity securities held by MSCI AC Asia ex Japan ETF for the period/year ended 30th June 2017 and 31st December 2016.

As at As at 30th June 31st December 2017 2016 (Unaudited) (Audited) HK$ HK$ Equity securities Opening balance 1 125,950 Transfers from level 1 into level 3 5 1 Sales – (125,959) Gains recognized in Condensed Statement of Comprehensive Income – 9 Closing balance 6 1 Total losses for the period/year included in Condensed Statement of Comprehensive Income for assets held at the end of the reporting period/year (1,564,662) –

106 iShares Asia Trust Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

The following table represents the movement in level 3 equity securities held by MSCI Emerging Asia ETF for the period/year ended 30th June 2017 and 31st December 2016.

As at As at 30th June 31st December 2017 2016 (Unaudited) (Audited) HK$ HK$ Equity securities Opening balance 1 183,201 Transfers from level 1 into level 3 – (132,750) Sales – (12,264) Losses recognized in Condensed Statement of Comprehensive Income – (38,186) Closing balance 1 1 Total losses for the period/year included in Condensed Statement of Comprehensive Income for assets held at the end of the reporting period/year (33,862) –

The following table represents the movement in level 3 derivative instruments held by CSI 300 ETF for the period/year ended 30th June 2017 and 31st December 2016.

As at As at 30th June 31st December 2017 2016 (Unaudited) (Audited) HK$ HK$ CAAPs and equity securities Opening balance 213,686 16,829,322 Transfers from level 1 to level 3 3,120,926 213,686 Transfers from level 2 to level 3 458,864 (6,330,965) Sales (208,750) (6,781,066) Losses recognized in Condensed Statement of Comprehensive Income (4,936) (3,717,291) Closing balance 3,579,790 213,686 Total gains/(losses) for the period/year included in Condensed Statement of Comprehensive Income for assets held at the end of the reporting period/year 47,917 (103,218)

iShares Asia Trust 107 Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

The following table represents the movement in level 3 equity securities held by KOSPI 200 ETF for the periods ended 30th June 2017 and 31st December 2016.

As at As at 30th June 31st December 2017 2016 (Unaudited) (Audited) US$ US$ Equity securities Opening balance 9,681 – Transfers from level 1 into level 3 – 9,681 Losses recognized in Condensed Statement of Comprehensive Income (597) – Closing balance 9,084 9,681 Total gains/(losses) for the period included in Condensed Statement of Comprehensive Income for assets held at the end of the reporting period 8,116 (909)

The following table represents the movement in level 3 equity securities held by FTSE 100 ETF for the periods ended 30th June 2017 and 31st December 2016.

As at As at 30th June 31st December 2017 2016 (Unaudited) (Audited) GBP GBP Equity securities Opening balance 313 – Transfers from level 1 into level 3 270 313 Sales (313) – Closing balance 270 313 Total gains for the period included in Condensed Statement of Comprehensive Income for assets held at the end of the reporting period 270 313

The assets and liabilities included in the Condensed Statement of Financial Position, except for financial assets and financial liabilities at fair value through profit or loss, are carried at amortized costs. Their carrying values are an appropriate approximation of fair value.

108 iShares Asia Trust Sub-Funds of iShares Asia Trust

Notes to the Unaudited Condensed Financial Statements (Continued)

11 DISTRIBUTION Hang Seng ETF 18.11.2016 (date of inception) to 30.06.2017 (Unaudited) HK$ Distribution – HK$0.710 on 3,150,000 units paid on 30th June 2017 (2,236,500)

12 SEGMENT INFORMATION The Manager makes the strategic resource allocations on behalf of the Sub-Funds and has determined the operating segments based on the reports reviewed which are used to make strategic decisions. The Manager considers that each Sub-Fund has a single operating segment which is investing in securities. The objectives of the Sub-Funds are to track the performance of their respective index and invest in substantially all the index constituents with security weight and industry weight that are closely aligned with the characteristics of the tracked indices. The internal financial information used by the Manager for the Sub-Funds’ assets, liabilities and performance is the same as that disclosed in the Condensed Statement of Financial Position and Condensed Statement of Comprehensive Income. The Sub-Funds are domiciled in Hong Kong. All of the Sub-Funds’ income is derived from investments in securities which constitute the relevant tracked indices. The Sub-Funds’ investments have been categorized by relevant geography but no geographical information for performance is provided as the Manager considers that the cost to develop it would be excessive and the information is generally not used by the Manager in managing the Sub-Funds. The Sub-Funds have no assets classified as non-current assets. The Sub-Funds have portfolios that closely correspond to the security weight and industry weight of the relevant tracked indices. Refer to note 8 for investment holdings that account for more than 10% of each Sub-Fund’s net asset value.

13 SUBSEQUENT EVENT As at 7th July 2017, A50 China ETF has completed the transition from a “Synthetic representative” strategy to a “physical representative” strategy, and the name of iShares FTSE A50 China Index ETF* (*This is synthetic ETF) changed to iShares FTSE A50 China Index ETF.

iShares Asia Trust 109 iShares MSCI China Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) As at 30th June 2017

Fair value % of Investments (98.94%) Holdings HK$ Net Assets Listed Equities (98.95%) China (98.95%) 3Sbio Inc 202,428 2,097,154 0.10 58.Com Inc – ADR 15,815 5,445,777 0.27 AAC Technologies Holdings In 145,301 14,181,378 0.70 Agricultural Bank of China – H 5,114,249 18,871,579 0.94 Air China Ltd – H 370,873 2,985,528 0.15 Alibaba Group Holding – SP ADR 221,569 243,710,125 12.09 Alibaba Health Information T 672,063 2,500,074 0.12 Alibaba Pictures Group Ltd 2,336,192 3,037,049 0.15 Aluminum Corp of China Ltd – H 802,683 3,210,732 0.16 Anhui Conch Cement Co Ltd – H 233,192 6,331,163 0.31 Anta Sports Products Ltd 203,285 5,244,753 0.26 Autohome Inc – ADR 10,239 3,625,636 0.18 Avichina Industry & Tech – H 431,113 1,974,498 0.10 Baidu Inc – Spon ADR 53,422 74,591,090 3.70 Bank of China Ltd – H 15,549,184 59,553,375 2.95 Bank of Communications Co – H 1,669,820 9,200,708 0.46 Beijing Capital Intl Airpo – H 306,587 3,372,457 0.17 Beijing Enterprises Hldgs 90,444 3,405,217 0.17 Beijing Enterprises Water Gr 791,528 4,796,660 0.24 Belle International Holdings 1,206,941 7,434,757 0.37 Brilliance China Automotive 614,906 8,743,963 0.43 BYD Co Ltd – H 130,330 6,242,807 0.31 CGN Power Co Ltd – H 2,172,835 4,736,780 0.23 China Cinda Asset Manageme – H 1,779,387 5,178,016 0.26 China Citic Bank Corp Ltd – H 1,740,042 8,317,401 0.41 China Coal Energy Co – H 417,151 1,576,831 0.08 China Communications Const – H 863,163 8,683,420 0.43 China Communications Servi – H 485,712 2,185,704 0.11 China Conch Venture Holdings 275,455 3,939,006 0.20 China Construction Bank – H 16,470,452 99,646,235 4.94 China Everbright Bank Co L – H 600,192 2,190,701 0.11 China Everbright Intl Ltd 501,842 4,887,941 0.24 China Everbright Ltd 195,732 3,327,444 0.16 China Evergrande Group 804,547 11,279,749 0.56 China Galaxy Securities Co – H 600,446 4,203,122 0.21 China Gas Holdings Ltd 351,087 5,533,131 0.27 China Huarong Asset Manage – H 1,238,316 3,752,097 0.19 China Huishan Dairy Holdings 720,125 7 0.00 China Jinmao Holdings Group 621,507 2,001,253 0.10 China Life Insurance Co – H 1,456,981 34,748,997 1.72 China Longyuan Power Group – H 646,067 3,669,661 0.18

110 iShares Asia Trust iShares MSCI China Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (98.94%) (Continued) Holdings HK$ Net Assets Listed Equities (98.95%) (Continued) China (98.95%) (Continued) China Medical System Holding 258,654 3,491,829 0.17 China Mengniu Dairy Co 512,546 7,841,954 0.39 China Merchants Bank – H 776,589 18,288,671 0.91 China Merchants Port Holding 242,028 5,239,906 0.26 China Minsheng Banking – H 1,126,657 8,776,658 0.44 China Mobile Ltd 1,202,077 99,592,079 4.94 China National Building Ma – H 584,956 2,714,196 0.13 China Oilfield Services – H 368,853 2,309,020 0.11 China Overseas Land & Invest 760,394 17,375,003 0.86 China Pacific Insurance Gr – H 511,245 16,308,716 0.81 China Petroleum & Chemical – H 4,961,200 30,213,708 1.50 China Power International 673,208 1,864,786 0.09 China Railway Construction – H 401,377 4,086,018 0.20 China Railway Group Ltd – H 813,043 5,000,214 0.25 China Resources Beer Holdin 303,957 5,987,953 0.30 China Resources Gas Group Lt 181,670 4,841,505 0.24 China Resources Land Ltd 537,900 12,237,225 0.61 China Resources Power Holdin 391,911 6,004,077 0.30 China Shenhua Energy Co – H 654,253 11,370,917 0.56 China Southern Airlines Co – H 369,280 2,437,248 0.12 China State Construction Int 328,292 4,385,981 0.22 China Taiping Insurance Hold 299,652 5,927,117 0.29 China Telecom Corp Ltd – H 2,778,919 10,309,789 0.51 China Unicom Hong Kong Ltd 1,164,002 13,502,423 0.67 China Vanke Co Ltd – H 231,699 5,120,548 0.25 Chongqing Changan Automobi – B 164,988 1,699,376 0.08 Chongqing Rural Commercial – H 535,669 2,822,976 0.14 Citic Ltd 1,138,938 13,371,132 0.66 Citic Securities Co Ltd – H 411,315 6,638,624 0.33 CNOOC Ltd 3,511,844 30,026,266 1.49 Cosco Shipping Ports Ltd 331,291 3,034,626 0.15 Country Garden Holdings Co 1,053,864 9,537,469 0.47 CRRC Corp Ltd – H 825,252 5,793,269 0.29 CSPC Pharmaceutical Group Lt 842,129 9,600,271 0.48 Ctrip.Com International – ADR 73,345 30,838,301 1.53 Dongfeng Motor Grp Co Ltd – H 516,118 4,763,769 0.24 ENN Energy Holdings Ltd 154,413 7,272,852 0.36 Far East Horizon Ltd 410,836 2,797,793 0.14 Fosun International Ltd 487,841 5,951,660 0.30 Fullshare Holdings Ltd 1,376,936 4,296,040 0.21

iShares Asia Trust 111 iShares MSCI China Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (98.94%) (Continued) Holdings HK$ Net Assets Listed Equities (98.95%) (Continued) China (98.95%) (Continued) Fuyao Glass Industry Group – H 95,312 2,849,829 0.14 GCL-Poly Energy Holdings Ltd 2,646,876 2,249,845 0.11 Geely Automobile Holdings Lt 956,961 16,115,223 0.80 GF Securities Co Ltd – H 277,074 4,344,520 0.22 Gome Electrical Appliances 2,277,397 2,186,301 0.11 Great Wall Motor Company – H 630,784 6,080,758 0.30 Guangdong Investment Ltd 546,235 5,877,489 0.29 Guangzhou Automobile Group – H 427,476 5,856,421 0.29 Guangzhou R&F Properties – H 188,033 2,282,721 0.11 Haier Electronics Group Co 255,754 5,191,806 0.26 Haitian International Hldgs 130,119 2,849,606 0.14 Haitong Securities Co Ltd – H 596,649 7,529,710 0.37 Hanergy Thin Film Power Grou 3,353,670 34 0.00 Hengan Intl Group Co Ltd 145,459 8,378,438 0.42 Huaneng Power Intl Inc – H 860,476 4,663,780 0.23 Huaneng Renewables Corp – H 810,444 1,953,170 0.10 Huatai Securities Co Ltd – H 297,342 4,460,130 0.22 Ind & Comm Bk of China – H 14,440,533 76,101,609 3.78 JD.Com Inc – ADR 128,367 39,301,992 1.95 Jiangsu Express Co Ltd – H 249,367 2,748,024 0.14 Jiangxi Copper Co Ltd – H 253,931 3,255,395 0.16 Kingsoft Corp Ltd 158,736 3,230,278 0.16 Kunlun Energy Co Ltd 656,588 4,346,613 0.22 Lenovo Group Ltd 1,457,995 7,187,915 0.36 Longfor Properties 281,359 4,721,204 0.23 Minth Group Ltd 132,434 4,383,565 0.22 Momo Inc – Spon ADR 17,145 4,946,785 0.25 Netease Inc – ADR 15,553 36,500,606 1.81 New China Life Insurance C – H 144,991 5,756,143 0.29 New Oriental Educatio – SP ADR 25,776 14,183,931 0.70 Nine Dragons Paper Holdings 332,221 3,455,098 0.17 People’s Insurance Co Grou – H 1,420,437 4,659,033 0.23 Petrochina Co Ltd – H 4,154,268 19,857,401 0.99 PICC Property & Casualty – H 926,449 12,080,895 0.60 Ping An Insurance Group Co – H 1,020,599 52,509,819 2.61 Semiconductor Manufacturing 546,589 4,946,630 0.25 Shandong Weigao Gp Medical – H 353,452 2,166,661 0.11 Shanghai Electric Grp Co L – H 574,072 2,152,770 0.11 Shanghai Fosun Pharmaceuti – H 84,704 2,562,296 0.13 Shanghai Industrial Hldg Ltd 102,794 2,374,541 0.12

112 iShares Asia Trust iShares MSCI China Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (98.94%) (Continued) Holdings HK$ Net Assets Listed Equities (98.95%) (Continued) China (98.95%) (Continued) Shanghai Lujiazui Fin&Trad – B 186,560 2,336,020 0.12 Shanghai Pharmaceuticals – H 140,268 3,261,231 0.16 Shenzhou International Group 114,148 5,855,792 0.29 Shimao Property Holdings Ltd 224,557 3,000,082 0.15 Sihuan Pharmaceutical Hldgs 742,124 2,426,745 0.12 Sina Corp 11,248 7,460,957 0.37 Sino Biopharmaceutical 846,899 5,843,603 0.29 Sino-Ocean Group Holding Ltd 643,068 2,456,520 0.12 Sinopec Engineering Group – H 252,627 1,778,494 0.09 Sinopec Shanghai Petrochem – H 710,604 2,970,325 0.15 Sinopharm Group Co – H 238,047 8,403,059 0.42 Soho China Ltd 443,955 1,709,227 0.08 Sun Art Retail Group Ltd 485,188 3,017,869 0.15 Sunac China Holdings Ltd 368,107 6,007,506 0.30 Sunny Optical Tech 140,504 9,835,280 0.49 Tal Education Group – ADR 8,695 8,302,046 0.41 Tencent Holdings Ltd 1,113,047 310,762,722 15.42 Tingyi (Cayman Isln) Hldg Co 399,496 3,699,333 0.18 Travelsky Technology Ltd – H 189,905 4,367,815 0.22 Tsingtao Brewery Co Ltd – H 73,789 2,549,410 0.13 Vipshop Holdings Ltd – ADR 78,061 6,428,952 0.32 Want Want China Holdings Ltd 979,624 5,162,618 0.26 Weibo Corp – Spon ADR 6,472 3,358,287 0.17 Weichai Power Co Ltd – H 395,960 2,708,366 0.13 Yanzhou Coal Mining Co – H 378,193 2,647,351 0.13 Yum China Holdings Inc 71,932 22,141,268 1.10 YY Inc – ADR 4,916 2,226,989 0.11 Zhejiang Expressway Co – H 290,916 2,967,343 0.15 Zhuzhou CRRC Times Electri – H 111,327 4,263,824 0.21 Zijin Mining Group Co Ltd – H 1,174,038 3,029,018 0.15 ZTE Corp – H 139,378 2,598,006 0.13 Total listed equity 1,993,960,984 98.95

iShares Asia Trust 113 iShares MSCI China Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (98.94%) (Continued) Holdings HK$ Net Assets Futures (-0.01%) China (-0.01%) H-Shares Index Future Jul 17 27 (120,400) (0.01) Total futures (120,400) (0.01) Total investments 1,993,840,584 98.94 Other net assets 21,319,431 1.06 Net assets attributable to unitholders at 30th June 2017 2,015,160,015 100.00 Total investments, at cost 1,805,938,497

114 iShares Asia Trust iShares MSCI China Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) For the period ended 30th June 2017

Holdings Corporate Investments 01.01.2017 Additions action Disposals 30.06.2017 Listed equities 3Sbio Inc 177,300 25,128 – – 202,428 58.Com Inc – ADR 13,853 1,962 – – 15,815 AAC Technologies Holdings In 127,265 18,036 – – 145,301 Agricultural Bank of China – H 4,166,371 947,878 – – 5,114,249 Air China Ltd – H 324,829 46,044 – – 370,873 Alibaba Group Holding – SP ADR 194,065 27,504 – – 221,569 Alibaba Health Information T 588,633 83,430 – – 672,063 Alibaba Pictures Group Ltd 2,046,176 290,016 – – 2,336,192 Aluminum Corp of China Ltd – H 703,035 99,648 – – 802,683 Anhui Conch Cement Co Ltd – H 204,248 28,944 – – 233,192 Anta Sports Products Ltd 178,049 25,236 – – 203,285 Autohome Inc – ADR – 10,239 – – 10,239 Avichina Industry & Tech – H 377,599 53,514 – – 431,113 Baidu Inc – Spon ADR 47,032 6,624 – 234 53,422 Bank of China Ltd – H 13,764,936 1,930,248 – 146,000 15,549,184 Bank of Communications Co – H 1,462,532 207,288 – – 1,669,820 Beijing Capital Intl Airpo – H 268,535 38,052 – – 306,587 Beijing Enterprises Hldgs 79,212 11,232 – – 90,444 Beijing Enterprises Water Gr 693,266 98,262 – – 791,528 Belle International Holdings 1,057,109 149,832 – – 1,206,941 Brilliance China Automotive 538,568 76,338 – – 614,906 BYD Co Ltd – H 114,148 16,182 – – 130,330 CGN Power Co Ltd – H 1,903,105 269,730 – – 2,172,835 China Cinda Asset Manageme – H 1,558,491 220,896 – – 1,779,387 China Citic Bank Corp Ltd – H 1,524,042 216,000 – – 1,740,042 China Coal Energy Co – H 365,365 51,786 – – 417,151 China Communications Const – H 789,009 107,154 – 33,000 863,163 China Communications Servi – H 425,412 60,300 – – 485,712 China Conch Venture Holdings 241,255 34,200 – – 275,455 China Construction Bank – H 14,574,850 2,044,602 – 149,000 16,470,452 China Everbright Bank Co L – H 525,690 74,502 – – 600,192 China Everbright Intl Ltd 439,544 62,298 – – 501,842 China Everbright Ltd 171,432 24,300 – – 195,732 China Evergrande Group 730,665 99,882 – 26,000 804,547 China Galaxy Securities Co – H 525,908 74,538 – – 600,446 China Gas Holdings Ltd 307,509 43,578 – – 351,087 China Huarong Asset Manage – H 787,596 450,720 – – 1,238,316 China Huishan Dairy Holdings 720,125 – – – 720,125 China Jinmao Holdings Group 544,359 77,148 – – 621,507 China Life Insurance Co – H 1,295,117 180,864 – 19,000 1,456,981 China Longyuan Power Group – H 565,859 80,208 – – 646,067

iShares Asia Trust 115 iShares MSCI China Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) China Medical System Holding 226,542 32,112 – – 258,654 China Mengniu Dairy Co 448,916 63,630 – – 512,546 China Merchants Bank – H 680,181 96,408 – – 776,589 China Merchants Port Holding 211,986 30,042 – – 242,028 China Minsheng Banking – H 986,797 139,860 – – 1,126,657 China Mobile Ltd 1,062,857 149,220 – 10,000 1,202,077 China National Building Ma – H 512,344 72,612 – – 584,956 China Oilfield Services – H 323,061 45,792 – – 368,853 China Overseas Land & Invest 666,002 94,392 – – 760,394 China Pacific Insurance Gr – H 447,777 63,468 – – 511,245 China Petroleum & Chemical – H 4,401,330 615,870 – 56,000 4,961,200 China Power International 589,634 83,574 – – 673,208 China Railway Construction – H 351,553 49,824 – – 401,377 China Railway Group Ltd – H 712,117 100,926 – – 813,043 China Resources Beer Holdin 266,229 37,728 – – 303,957 China Resources Gas Group Lt 159,116 22,554 – – 181,670 China Resources Land Ltd 471,120 66,780 – – 537,900 China Resources Power Holdin 343,257 48,654 – – 391,911 China Shenhua Energy Co – H 573,037 81,216 – – 654,253 China Southern Airlines Co – H 323,434 45,846 – – 369,280 China State Construction Int 287,540 40,752 – – 328,292 China Taiping Insurance Hold 262,446 37,206 – – 299,652 China Telecom Corp Ltd – H 2,433,949 344,970 – – 2,778,919 China Unicom Hong Kong Ltd 1,051,498 144,504 – 32,000 1,164,002 China Vanke Co Ltd – H 234,335 28,764 – 31,400 231,699 Chongqing Changan Automobi – B 147,988 17,000 – – 164,988 Chongqing Rural Commercial – H 469,177 66,492 – – 535,669 Citic Ltd 766,548 372,390 – – 1,138,938 Citic Securities Co Ltd – H 360,249 51,066 – – 411,315 CNOOC Ltd 3,075,884 435,960 – – 3,511,844 Cosco Shipping Ports Ltd 290,161 41,130 – – 331,291 Country Garden Holdings Co 923,040 130,824 – – 1,053,864 CRRC Corp Ltd – H 722,814 102,438 – – 825,252 CSPC Pharmaceutical Group Lt 737,585 104,544 – – 842,129 Ctrip.Com International – ADR 64,237 9,108 – – 73,345 Dongfeng Motor Grp Co Ltd – H 452,056 64,062 – – 516,118 ENN Energy Holdings Ltd 135,243 19,170 – – 154,413 Far East Horizon Ltd 359,842 50,994 – – 410,836 Fosun International Ltd 456,289 60,552 – 29,000 487,841 Fullshare Holdings Ltd 1,206,008 170,928 – – 1,376,936 Fuyao Glass Industry Group – H 83,486 11,826 – – 95,312

116 iShares Asia Trust iShares MSCI China Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) GCL-Poly Energy Holdings Ltd 2,318,304 328,572 – – 2,646,876 Geely Automobile Holdings Lt 888,161 118,800 – 50,000 956,961 GF Securities Co Ltd – H 242,676 34,398 – – 277,074 Gome Electrical Appliances 1,994,689 282,708 – – 2,277,397 Great Wall Motor Company – H 552,484 78,300 – – 630,784 Guangdong Investment Ltd 478,429 67,806 – – 546,235 Guangzhou Automobile Group – H 374,412 53,064 – – 427,476 Guangzhou R&F Properties – H 164,687 23,346 – – 188,033 Haier Electronics Group Co 224,002 31,752 – – 255,754 Haitian International Hldgs 113,973 16,146 – – 130,119 Haitong Securities Co Ltd – H 522,579 74,070 – – 596,649 Hanergy Thin Film Power Grou 3,353,670 – – – 3,353,670 Hengan Intl Group Co Ltd 127,405 18,054 – – 145,459 Hengten Networks Group Ltd 3,741,086 – – 3,741,086 – Huaneng Power Intl Inc – H 753,664 106,812 – – 860,476 Huaneng Renewables Corp – H 709,842 100,602 – – 810,444 Huatai Securities Co Ltd – H 260,424 36,918 – – 297,342 Ind & Comm Bk of China – H 12,799,913 1,792,620 – 152,000 14,440,533 JD.Com Inc – ADR 116,668 15,930 – 4,231 128,367 Jiangsu Express Co Ltd – H 218,407 30,960 – – 249,367 Jiangxi Copper Co Ltd – H 222,413 31,518 – – 253,931 Kingsoft Corp Ltd 139,026 19,710 – – 158,736 Kunlun Energy Co Ltd 575,084 81,504 – – 656,588 Lenovo Group Ltd 1,277,005 180,990 – – 1,457,995 Longfor Properties 268,439 34,920 – 22,000 281,359 Minth Group Ltd – 132,434 – – 132,434 Momo Inc – Spon ADR – 17,145 – – 17,145 Netease Inc – ADR 13,627 1,926 – – 15,553 New China Life Insurance C – H 126,991 18,000 – – 144,991 New Oriental Educatio – SP ADR 22,572 3,204 – – 25,776 Nine Dragons Paper Holdings 290,983 41,238 – – 332,221 People’s Insurance Co Grou – H 1,244,109 176,328 – – 1,420,437 Petrochina Co Ltd – H 3,638,568 515,700 – – 4,154,268 PICC Property & Casualty – H 811,447 115,002 – – 926,449 Ping An Insurance Group Co – H 905,897 126,702 – 12,000 1,020,599 Qunar Cayman Islands Ltd – ADR 6,386 – – 6,386 – Semiconductor Manufacturing 478,729 67,860 – – 546,589 Shandong Weigao Gp Medical – H 309,568 43,884 – – 353,452 Shanghai Electric Grp Co L – H 502,810 71,262 – – 574,072 Shanghai Fosun Pharmaceuti – H 74,192 10,512 – – 84,704 Shanghai Industrial Hldg Ltd 90,032 12,762 – – 102,794

iShares Asia Trust 117 iShares MSCI China Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Shanghai Lujiazui Fin&Trad – B 167,360 19,200 – – 186,560 Shanghai Pharmaceuticals – H 122,862 17,406 – – 140,268 Shenzhou International Group 99,982 14,166 – – 114,148 Shimao Property Holdings Ltd 223,675 27,882 – 27,000 224,557 Sihuan Pharmaceutical Hldgs – 742,124 – – 742,124 Sina Corp 9,844 11,404 – 10,000 11,248 Sino Biopharmaceutical 792,761 105,138 – 51,000 846,899 Sino-Ocean Group Holding Ltd 563,238 79,830 – – 643,068 Sinopec Engineering Group – H 221,271 31,356 – – 252,627 Sinopec Shanghai Petrochem – H 622,386 88,218 – – 710,604 Sinopharm Group Co – H 208,491 29,556 – – 238,047 Sinotrans Limited – H 381,709 – – 381,709 – Soho China Ltd 388,839 55,116 – – 443,955 Sun Art Retail Group Ltd 424,960 60,228 – – 485,188 Sunac China Holdings Ltd 349,405 45,702 – 27,000 368,107 Sunny Optical Tech 123,062 17,442 – – 140,504 Tal Education Group – ADR 7,615 1,080 – – 8,695 Tencent Holdings Ltd 982,679 138,168 – 7,800 1,113,047 Tingyi (Cayman Isln) Hldg Co 349,906 49,590 – – 399,496 Travelsky Technology Ltd – H 166,325 23,580 – – 189,905 Tsingtao Brewery Co Ltd – H 64,627 9,162 – – 73,789 Vipshop Holdings Ltd – ADR 68,377 9,684 – – 78,061 Want Want China Holdings Ltd 932,016 121,608 – 74,000 979,624 Weibo Corp – Spon ADR 5,514 1,794 – 836 6,472 Weichai Power Co Ltd – H 173,403 43,694 178,863 – 395,960 Yanzhou Coal Mining Co – H 331,249 46,944 – – 378,193 Yum China Holdings Inc 69,304 8,928 – 6,300 71,932 YY Inc – ADR 4,304 612 – – 4,916 Zhejiang Expressway Co – H 254,808 36,108 – – 290,916 Zhuzhou CRRC Times Electri – H 97,503 13,824 – – 111,327 Zijin Mining Group Co Ltd – H 1,028,292 145,746 – – 1,174,038 ZTE Corp – H 122,080 17,298 – – 139,378

118 iShares Asia Trust iShares MSCI China Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Futures H-Shares Index Future Jan 17 7 – – 7 – H-Shares Index Future Feb 17 – 6 – 6 – H-Shares Index Future Mar 17 – 8 – 8 – H-Shares Index Future Apr 17 – 8 – 8 – H-Shares Index Future May 17 – 6 – 6 – H-Shares Index Future Jun 17 – 23 – 23 – H-Shares Index Future Jul 17 – 27 – – 27 UnListed Rights Bank of Communications Co – H – Rights – – 2,925 2,925 – China Everbright Intl Ltd – Rights – – 5,426 5,426 –

iShares Asia Trust 119 iShares MSCI China Index ETF (a Sub-Fund of iShares Asia Trust) Performance Record (unaudited)

Net Asset Value

Dealing Dealing Net asset value Net asset value per unit of the Sub-Fund HK$ HK$ At end of financial period dated 31st December 2015 18.88 2,412,353,952 31st December 2016 18.49 1,408,897,972 30th June 2017 23.16 1,820,573,534

Highest and lowest net asset value per unit

Highest net asset Lowest net asset value per unit value per unit HK$ HK$ Financial period ended 31st December 2008 28.38 9.25 31st December 2009 22.61 11.58 31st December 2010 24.50 18.57 31st December 2011 23.35 15.00 31st December 2012 20.66 16.92 31st December 2013 21.89 17.00 31st December 2014 22.56 18.10 31st December 2015 27.37 18.21 31st December 2016 21.02 15.28 30th June 2017 23.44 18.58

* Adjustment for the effect of sub-division of units during the year.

120 iShares Asia Trust iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) As at 30th June 2017

Fair value % of Investments (99.26%) Holdings RMB Net Assets Listed Equities (99.26%) China (99.26%) Addsino Co Ltd - A 4,700 49,115 0.07 AECC Aero-Engine Control - A (formerly known as Avic Aero-Engine Controls - A) 4,102 80,276 0.11 AECC Aviation Power Co - A (formerly known as Avic Aviation Engine Corp - A) 6,000 163,800 0.23 Agricultural Bank of China - A 186,800 657,536 0.91 Air China Ltd - A 13,500 131,625 0.18 Aisino Corp - A 6,500 134,160 0.19 Alpha Group - A 4,600 77,740 0.11 Aluminum Corp of China Ltd - A 36,000 162,720 0.23 Angang Steel Co Ltd - A 14,176 80,236 0.11 Anhui Conch Cement Co Ltd - A 11,800 268,214 0.37 Anhui Gujing Distillery Co - A 1,200 61,140 0.08 Anhui Jianghuai Auto Group - A 5,600 59,080 0.08 Anhui Kouzi Distillery Co - A 1,900 73,701 0.10 Anhui Xinhua Media Co Ltd - A 6,500 89,830 0.12 Anhui Zhongding Sealing Pa - A 4,200 92,778 0.13 Anxin Trust Co Ltd - A 13,860 188,357 0.26 Aurora Optoelectronics Co - A 2,720 47,328 0.07 Avic Aircraft Co Ltd - A 8,500 156,740 0.22 Avic Aviation High-Technol - A 4,500 43,605 0.06 Avic Capital Co Ltd - A 28,000 158,200 0.22 Avic Electromechanical Sy - A 7,875 81,349 0.11 Avic Helicopter Co Ltd - A 2,100 96,117 0.13 Avic Jonhon Optronic Tech - A 2,730 85,149 0.12 Bank of Beijing Co Ltd - A 46,880 429,890 0.59 Bank of China Ltd - A 157,800 583,860 0.81 Bank of Communications Co - A 125,900 775,544 1.07 Bank of Guiyang Co Ltd - A 5,300 83,793 0.12 Bank of Jiangsu Co Ltd - A 12,600 117,054 0.16 Bank of Nanjing Co Ltd - A 18,920 212,093 0.29 Bank of Ningbo Co Ltd - A 11,600 223,880 0.31 Bank of Shanghai Co Ltd - A 5,700 145,578 0.20 Baoshan Iron & Steel Co - A 58,211 390,596 0.54 BBMG Corporation - A 23,200 150,104 0.21 Beijing Capital Co Ltd - A 16,800 110,544 0.15 Beijing Capital Developmen - A 8,991 102,857 0.14 Beijing Dabeinong Technolo - A 14,700 92,463 0.13 Beijing Gehua Catv Network - A 3,800 55,328 0.08 Beijing New Building Mater - A 5,100 80,784 0.11 Beijing Orient Landscape - A 8,950 149,644 0.21

iShares Asia Trust 121 iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.26%) (Continued) Holdings RMB Net Assets Listed Equities (99.26%) (Continued) China (99.26%) (Continued) Beijing Oriental Yuhong - A 2,800 103,880 0.14 Beijing Shiji Information - A 2,980 67,735 0.09 Beijing Shougang Co Ltd - A 9,600 67,104 0.09 Beijing Sl Pharmaceutical - A 1,900 55,385 0.08 Beijing SPC Environment - A 4,000 75,280 0.10 Beijing Tiantan Biological - A 1,430 55,498 0.08 Beijing Tongrentang Co - A 4,100 143,336 0.20 Beijing Urban Construction - A 5,400 78,516 0.11 Beijing Xinwei Technology - A 10,200 148,818 0.21 Beijing Yanjing Brewery Co - A 10,500 70,560 0.10 Beiqi Foton Motor Co Ltd - A 23,800 67,592 0.09 BOE Technology Group Co Lt - A 104,600 435,136 0.60 Bohai Financial Investment - A 20,400 137,292 0.19 Bright Dairy & Food Co Ltd - A 4,200 53,550 0.07 BYD Co Ltd - A 6,000 299,700 0.41 CEFC Anhui International - A 7,900 54,115 0.08 Central China Securities C - A 8,500 85,510 0.12 Changjiang Securities Co L - A 17,500 165,725 0.23 Changyuan Group Ltd - A 3,360 45,662 0.06 Chengdu Santai Holding Grp - A 5,450 37,169 0.05 Chengdu Xingrong Environme - A 10,500 59,010 0.08 China Aerospace Times Elec - A 7,000 61,530 0.09 China Avionics Systems Co - A 4,100 71,217 0.10 China Baoan Group - A 7,440 60,190 0.08 China Camc Engineering Co - A 3,888 80,598 0.11 China Citic Bank Corp Ltd - A 19,800 124,542 0.17 China Communications Const - A 9,300 147,777 0.20 China Construction Bank - A 30,300 186,345 0.26 China CSSC Holdings Ltd - A 4,900 112,063 0.16 China Eastern Airlines Co - A 26,100 177,480 0.25 China Everbright Bank Co - A 129,100 522,855 0.72 China Film Co Ltd - A 6,200 116,064 0.16 China Fortune Land Develop - A 7,988 268,237 0.37 China Gezhouba Group Co Lt - A 14,200 159,608 0.22 China Grand Automotive Ser - A 19,630 147,814 0.20 China Greatwall Technology - A 10,700 96,407 0.13 China Hainan Rubber Indust - A 14,000 79,520 0.11 China High-Speed Railway - A 8,000 58,240 0.08 China International Travel - A 5,200 156,728 0.22 China Intl Marine Contain - A 4,200 75,726 0.10 China Jushi Co Ltd - A 9,720 106,726 0.15

122 iShares Asia Trust iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.26%) (Continued) Holdings RMB Net Assets Listed Equities (99.26%) (Continued) China (99.26%) (Continued) China Life Insurance Co - A 9,125 246,192 0.34 China Media Group - A (formerly known as Huawen Media Investment - A) 7,700 77,924 0.11 China Meheco Co Ltd - A 3,400 88,230 0.12 China Merchants Bank - A 65,483 1,565,699 2.17 China Merchants Energy - A 16,000 82,560 0.11 China Merchants Securities - A 17,029 293,239 0.41 China Merchants Shekou Ind - A 21,300 454,968 0.63 China Minsheng Banking - A 95,400 784,188 1.09 China Molybdenum Co Ltd - A 30,300 153,318 0.21 China National Accord Medi - A 900 72,810 0.10 China National Chemical - A 14,400 100,656 0.14 China National Nuclear Pow - A 41,900 327,239 0.45 China Nonferrous Metal Ind - A 5,300 37,153 0.05 China Northern Rare Earth - A 12,400 140,492 0.19 China Nuclear Engineering - A 4,800 57,456 0.08 China Pacific Insurance Gr - A 20,300 687,561 0.95 China Petroleum & Chemical - A 82,900 491,597 0.68 China Railway Construction - A 37,600 452,328 0.63 China Railway Group Ltd - A 59,722 517,790 0.72 China Railway Hi-Tech Indu - A (formerly known as China Railway Erju Co Ltd - A) 5,600 80,024 0.11 China Resources Sanjiu Med - A 3,500 111,125 0.15 China Security & Fire - A 4,700 63,356 0.09 China Shenhua Energy Co - A 14,100 314,289 0.43 China Shipbuilding Industry Co Ltd - A 59,600 370,116 0.51 China Shipbuilding Industry Group Power Co Ltd - A 4,000 101,160 0.14 China South Publishing - A 6,222 115,978 0.16 China Southern Airlines Co - A 21,900 190,530 0.26 China Spacesat Co Ltd - A 4,200 116,928 0.16 China State Construction - A 94,500 914,760 1.27 China United Network - A 68,900 514,683 0.71 China Vanke Co Ltd - A 31,500 786,555 1.09 China XD Electric Co Ltd - A 12,500 69,500 0.10 China Yangtze Power Co Ltd - A 47,400 729,012 1.01 Chinese Universe Publishin - A 4,900 115,199 0.16 Chongqing Changan Automob - A 11,613 167,459 0.23 Chongqing Dima Industry Co - A 8,100 44,631 0.06 Citic Guoan Information - A 14,000 139,860 0.19 Citic Heavy Industries Co - A 12,600 65,646 0.09 Citic Securities Co - A 30,900 525,918 0.73

iShares Asia Trust 123 iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.26%) (Continued) Holdings RMB Net Assets Listed Equities (99.26%) (Continued) China (99.26%) (Continued) CMST Development Co Ltd - A 5,900 46,669 0.06 Cofco Property Group Co - A 4,700 35,391 0.05 Cofco Tunhe Sugar Co Ltd - A (formerly known as Cofco Tunhe Co Ltd - A) 6,700 63,248 0.09 Cosco Shipping Developme - A 25,400 91,440 0.13 Cosco Shipping Energy Tran - A 9,800 64,974 0.09 Cosco Shipping Holdings Co - A 24,800 132,680 0.18 CRRC Corp Ltd - A 76,715 776,356 1.07 CSSC Offshore and Marine E - A 2,200 60,236 0.08 Cultural Investment Holdin - A 2,400 54,144 0.08 Da An Gene Co Ltd Sun Yat - A 2,490 54,257 0.08 Dalian Port Pda Co Ltd - A 27,430 81,193 0.11 Dalian Zeus Entertainment - A 1,680 36,120 0.05 Daqin Railway Co Ltd - A 48,216 404,532 0.56 Datang Intl Power Gen Co - A 15,900 71,868 0.10 Datang Telecom Tech Co - A 3,500 44,695 0.06 Dawning Information Indust - A 2,200 61,908 0.09 DHC Software Co Ltd - A 5,400 117,666 0.16 Digital China Group Co Ltd - A 1,400 34,230 0.05 Digital China Information - A 1,700 28,390 0.04 Do-Fluoride Chemicals Co - A 1,800 39,582 0.05 Dong-E-E-Jiaoco Ltd - A 2,100 150,969 0.21 Dongfang Electric Corp Ltd - A 7,000 67,060 0.09 Dongxing Securities Co Lt - A 7,500 129,300 0.18 Dongxu Optoelectronic Tech - A 15,700 176,154 0.24 Dr Peng Telcom & Media Gr - A 4,900 86,975 0.12 Eternal Asia Supply Chain - A 7,000 60,410 0.08 Everbright Securitie Co - A 12,100 180,653 0.25 Fangda Carbon New Material - A 6,300 89,586 0.12 Faw Car Company Limited - A 5,600 56,952 0.08 Fiberhome Telecom Tech Co - A 3,100 78,585 0.11 Financial Street Holdings - A 10,500 123,060 0.17 Foshan Haitian Flavouring - A 7,200 293,616 0.41 Founder Securities Co Ltd - A 25,100 249,243 0.35 Fujian Newland Computer Co - A 3,500 79,415 0.11 Fujian Sunner Development - A 4,000 59,480 0.08 Future Land Holdings Co - A 7,300 135,342 0.19 Fuyao Glass Industry Group - A 5,493 143,038 0.20 Gansu Gangtai Hd Group Co - A 4,900 63,112 0.09 GCL System Integration Tec - A 9,100 41,769 0.06 GD Power Development Co - A 62,400 224,640 0.31

124 iShares Asia Trust iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.26%) (Continued) Holdings RMB Net Assets Listed Equities (99.26%) (Continued) China (99.26%) (Continued) Gem Co Ltd - A 8,060 48,763 0.07 Gemdale Corp - A 12,600 144,522 0.20 Geo-Jade Petroleum Corp - A 7,400 44,844 0.06 GF Securities Co Ltd - A 19,200 331,200 0.46 Global Top E-Commerce Co - A 3,800 80,750 0.11 Glodon Co Ltd - A 4,200 78,960 0.11 Goertek Inc - A 9,600 185,088 0.26 Gree Electric Appliances I - A 9,900 407,583 0.56 GRG Banking Equipment Co - A 8,175 67,934 0.09 Guangdong Advertising Grou - A 6,175 49,585 0.07 Guangdong Golden Dragon De - A 2,600 42,562 0.06 Guangdong Haid Group Co - A 5,200 95,004 0.13 Guangdong Hec Technology H - A 9,100 66,339 0.09 Guanghui Energy Co Ltd - A 19,100 79,074 0.11 Guangshen Railway Co Ltd - A 20,300 91,756 0.13 Guangxi Wuzhou Zhongheng G - A 12,600 50,904 0.07 Guangzhou Automobile Group - A 5,900 153,754 0.21 Guangzhou Baiyunshan Phar - A 4,200 121,968 0.17 Guangzhou Haige Communicat - A 7,500 80,550 0.11 Guangzhou Yuetai Group Co - A 8,100 58,644 0.08 Guizhou Bailing Group Phar - A 4,900 92,414 0.13 Guosen Securities Co Ltd - A 13,500 178,875 0.25 Guotai Junan Securities Co - A 23,400 479,934 0.66 Guoxuan High-Tech Co Ltd - A 2,600 82,030 0.11 Guoyuan Securities Co Ltd - A 10,500 128,310 0.18 Hainan Airlines Holding Co - A (formerly known as Hainan Airlines Co - A) 47,100 151,662 0.21 Hainan Haiyao Co Ltd - A 4,200 55,692 0.08 Haitong Securities Co Ltd - A 24,800 368,280 0.51 Hang Zhou Great Star Indus - A 3,700 57,646 0.08 Hangzhou Hikvision Digital - A 29,285 945,906 1.31 Hangzhou Lianluo Interact - A (formerly known as Hangzhou Liaison Interact - A) 6,350 69,088 0.10 Hangzhou Robam Appliances - A 3,120 135,658 0.19 Han’s Laser Technology In - A 3,500 121,240 0.17 Harbin Gloria Pharmaceutic - A 8,400 61,152 0.08 Harbin Pharmaceutical Grp - A 8,600 49,966 0.07 Heilongjiang Agriculture - A 6,300 69,993 0.10 Henan Pinggao Electric Co - A 4,200 57,708 0.08 Henan Shuanghui Investment - A 9,300 220,875 0.31 Hengkang Medical Group Co - A 5,200 62,608 0.09

iShares Asia Trust 125 iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.26%) (Continued) Holdings RMB Net Assets Listed Equities (99.26%) (Continued) China (99.26%) (Continued) Hengtong Optic-Electric Co - A 2,700 75,735 0.10 Hesteel Co Ltd - A 30,800 129,052 0.18 Hisense Electric Co Ltd - A 3,800 57,646 0.08 Holitech Technology Co Ltd - A 9,900 97,812 0.14 Hongda Xingye Co Ltd - A 8,584 67,213 0.09 Huaan Securities Co Ltd - A 9,600 96,864 0.13 Huadian Power Intl Corp - A 24,600 118,818 0.16 Huadong Medicine Co Ltd - A 3,200 159,040 0.22 Hualan Biological Engineer - A 3,176 115,924 0.16 Huaneng Power Intl Inc - A 15,600 114,504 0.16 Huapont Life Sciences Co L - A 7,700 60,291 0.08 Huatai Securities Co Ltd - A 16,100 288,190 0.40 Huaxia Bank Co Ltd - A 40,770 375,899 0.52 Huayu Automotive Systems - A 9,600 232,704 0.32 Hubei Biocause Pharmaceuti - A 11,300 91,304 0.13 Hubei Energy Group Co Ltd - A 12,500 62,750 0.09 Humanwell Healthcare Group - A 3,700 72,594 0.10 Hunan Dakang Intl Food &Ag - A 15,840 65,736 0.09 Hunan TV & Broadcast Int - A 4,900 55,370 0.08 Hundsun Technologies Inc - A 2,100 98,028 0.14 Hytera Communications Corp - A 5,800 93,322 0.13 Iflytek Co Ltd - A 4,000 159,600 0.22 Ind & Comm Bk of China - A 172,800 907,200 1.26 Industrial Bank Co Ltd - A 65,700 1,107,702 1.53 Industrial Securities Co - A 22,140 164,500 0.23 Inner Mongolia Baotou Ste - A 129,920 284,525 0.39 Inner Mongolia First Machi - A 5,400 73,602 0.10 Inner Mongolia Junzheng En - A 25,200 123,228 0.17 Inner Mongolia Mengdian Hu - A 21,000 63,210 0.09 Inner Mongolia Yili Indus - A 19,654 424,330 0.59 Inspur Electronic Informat - A 3,500 60,620 0.08 Jiangsu Bicon Pharmaceutic - A 2,200 63,624 0.09 Jiangsu Broadcasting Cable - A 8,460 89,422 0.12 Jiangsu Hengrui Medicine C - A 9,378 474,433 0.66 Jiangsu Phoenix Publish - A 7,700 75,152 0.10 Jiangsu Protruly Vision Te - A 8,400 107,604 0.15 Jiangsu Shagang Co Ltd - A 10,000 185,400 0.26 Jiangsu Yanghe Brewery - A 4,200 364,602 0.50 Jiangsu Yuyue Medical Equ - A 3,150 74,592 0.10 Jiangsu Zhongnan Construct - A 10,200 66,504 0.09 Jiangsu Zhongtian Technolo - A 8,950 107,848 0.15

126 iShares Asia Trust iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.26%) (Continued) Holdings RMB Net Assets Listed Equities (99.26%) (Continued) China (99.26%) (Continued) Jiangxi Copper Co Ltd - A 6,451 108,764 0.15 Jiangxi Ganfeng Lithium Co - A 2,600 120,250 0.17 Jiangxi Special Electric - A 4,200 36,624 0.05 Jihua Group Corp Ltd - A 12,400 108,996 0.15 Jilin Aodong Pharmaceutica - A 3,250 74,393 0.10 Jinduicheng Molybdenum Co - A 9,800 70,266 0.10 Jinke Properties Group Co - A 11,600 83,752 0.12 Jinyu Bio-Technology Co Lt - A 1,900 67,583 0.09 Jizhong Energy Resources - A 12,600 77,112 0.11 Joincare Pharmaceutical Gr - A 5,600 50,848 0.07 Jointo Energy Investment C - A 5,700 69,939 0.10 Jointown Pharmaceutical - A 3,700 79,772 0.11 Kaidi Ecological - A 12,400 63,240 0.09 Kangde Xin Composite Mater - A 11,284 254,116 0.35 Kangmei Pharmaceutical Co - A 15,980 347,405 0.48 Kingenta Ecological Engine - A 11,200 84,336 0.12 Kingfa Sci.& Tech Co Ltd - A 9,100 54,873 0.08 Kingnet Network Co Ltd - A 1,700 59,823 0.08 Kunwu Jiuding Investment H - A 1,000 34,960 0.05 Kweichow Moutai Co Ltd - A 4,024 1,898,724 2.63 Leo Group Co Ltd - A 18,550 61,030 0.08 Liaoning Cheng Da Co Ltd - A 5,600 100,968 0.14 Lomon Billions Group Co - A 6,500 106,470 0.15 Longi Green Energy Technol - A (formerly known as Xian Longi Silicon Materia - A) 6,300 107,730 0.15 Luxin Venture Capital Grp - A 2,200 37,466 0.05 Luxshare Precision Industr - A 7,200 210,528 0.29 Luzhou Laojiao Co Ltd - A 4,100 207,378 0.29 Maanshan Iron & Steel - A 21,700 76,818 0.11 Meihua Holdings Group Co - A 7,000 39,690 0.06 Meinian Onehealth Healthca - A 5,900 100,300 0.14 Metallurgical Corp of Chin - A 44,600 223,446 0.31 Midea Group Co Ltd - A 19,850 854,344 1.18 Minmetals Development Co - A 4,200 52,122 0.07 Muyuan Foodstuff Co Ltd - A 2,200 59,884 0.08 Nanjing Xinjiekou Dept - A 2,900 107,010 0.15 Nari Technology Co Ltd - A 7,400 130,610 0.18 Navinfo Co Ltd - A 3,300 65,208 0.09 Neusoft Corp - A 4,200 65,310 0.09 New China Life Insurance C - A 5,500 282,700 0.39 New Hope Liuhe Co Ltd - A 12,200 100,284 0.14

iShares Asia Trust 127 iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.26%) (Continued) Holdings RMB Net Assets Listed Equities (99.26%) (Continued) China (99.26%) (Continued) Ningbo Joyson Electronic - A 3,100 99,479 0.14 Ningbo Zhoushan Port Co Lt - A 24,600 138,990 0.19 North Industries Group Red - A (formerly known as Hunan Jiangnan Red Arrow - A) 3,432 43,243 0.06 North Navigation Control T - A 5,600 80,136 0.11 Northeast Securities Co Lt - A 8,400 84,420 0.12 Oceanwide Holdings Co Ltd - A 12,400 108,252 0.15 Offshore Oil Engineering - A 13,200 82,368 0.11 ORG Packaging Co Ltd - A 8,400 53,676 0.07 Orient Securities Co Ltd - A 16,400 228,124 0.32 Oriental Energy Co Ltd - A 5,600 61,096 0.08 Pacific Securities Co/The - A 21,800 87,636 0.12 Pang Da Automobile Trade - A 23,800 66,640 0.09 People.Cn Co Ltd - A 4,200 55,314 0.08 Petrochina Co Ltd - A 33,700 259,153 0.36 Ping An Bank Co Ltd - A 53,620 503,492 0.70 Ping An Insurance Group Co - A 34,400 1,706,584 2.36 Poly Real Estate Group Co - A 36,500 363,905 0.50 Power Construction Corp of - A 31,400 248,688 0.34 Qingdao Haier Co Ltd - A 18,800 282,940 0.39 Qingdao Hanhe Cable Co Ltd - A 11,900 43,554 0.06 Qinghai Salt Lake Industry - A 8,400 87,780 0.12 Realcan Pharmaceutical Co - A 3,220 49,588 0.07 Risesun Real Estate Devel - A 11,800 116,466 0.16 Saic Motor Corp Ltd - A 24,004 745,324 1.03 Sanan Optoelectronics Co L - A 12,540 247,038 0.34 Sany Heavy Industry Co Ltd - A 24,600 199,998 0.28 Sdic Essence Holdings Co L - A 8,600 133,730 0.19 Sdic Power Holdings Co Ltd - A 20,400 161,160 0.22 Sealand Securities Co Ltd - A 12,550 69,025 0.10 Searainbow Hldg Corp Co - A 3,100 77,283 0.11 Shaanxi Intl Trust Co Ltd - A 9,300 48,081 0.07 Shandong Gold Mining Co Lt - A 5,700 164,901 0.23 Shandong Iron and Steel Co - A 26,390 54,363 0.08 Shandong Linglong Tyre Co - A 1,800 40,374 0.06 Shandong Nanshan Aluminum - A 26,450 89,666 0.12 Shandong Qixing Iron Tower - A 2,000 78,500 0.11 Shanghai 2345 Network Hold - A 9,520 68,068 0.09 Shanghai AJ Group Co Ltd - A 3,700 56,166 0.08 Shanghai Bailian Group Co - A 5,539 90,009 0.12 Shanghai Construction Grou - A 26,132 99,824 0.14 Shanghai Dazhong Public Ut - A 9,100 49,595 0.07 128 iShares Asia Trust iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.26%) (Continued) Holdings RMB Net Assets Listed Equities (99.26%) (Continued) China (99.26%) (Continued) Shanghai Electric Grp Co L - A 22,100 167,297 0.23 Shanghai Electric Power Co - A 7,100 85,839 0.12 Shanghai Fosun Pharmaceuti - A 5,991 185,661 0.26 Shanghai International Air - A 3,294 122,899 0.17 Shanghai International Por - A 22,500 142,650 0.20 Shanghai Jahwa United Co - A 2,100 68,145 0.09 Shanghai Jinjiang Internat - A 1,700 46,070 0.06 Shanghai Jinqiao Export P - A 3,100 56,172 0.08 Shanghai Lujiazui Fin&Trad - A 4,360 103,070 0.14 Shanghai Mechanical and El - A 2,800 59,192 0.08 Shanghai Oriental Pearl Me - A 8,861 192,018 0.27 Shanghai Pharmaceuticals - A 5,700 164,616 0.23 Shanghai Pudong Devel Bank - A 89,223 1,128,671 1.56 Shanghai RAAS Blood Produc - A 10,580 214,139 0.30 Shanghai SMI Holding Co Lt - A 8,139 85,541 0.12 Shanghai Tunnel Engineerin - A 11,200 113,120 0.16 Shanghai Waigaoqiao Ftz - A 2,800 51,856 0.07 Shanghai Yuyuan Tourist - A 4,900 65,660 0.09 Shanghai Zhangjiang High - A 5,300 89,464 0.12 Shanxi Lu’An Environmental - A 10,500 82,110 0.11 Shanxi Securities Co Ltd - A 8,700 83,346 0.12 Shanxi Taigang Stainless - A 15,800 68,730 0.10 Shanxi Xinghuacun Fen Wine - A 2,700 93,663 0.13 Shanxi Xishan Coal & Elec - A 11,200 98,224 0.14 Shenergy Company Limited - A 16,800 105,840 0.15 Shenwan Hongyuan Group Co - A 65,100 364,560 0.50 Shenwu Energy Saving Co Lt - A 2,000 75,960 0.11 Shenzhen Agricultural Prod - A 6,300 57,078 0.08 Shenzhen Energy Group Co L - A 12,100 81,433 0.11 Shenzhen Feima Internation - A 3,760 64,559 0.09 Shenzhen Hepalink Pharmace - A 3,240 65,545 0.09 Shenzhen Kingdom Sci-Tech - A 2,800 49,224 0.07 Shenzhen O-Film Tech Co - A 8,750 158,988 0.22 Shenzhen Overseas Chinese - A 26,000 261,560 0.36 Shenzhen Salubris Pharm - A 3,500 124,810 0.17 Shenzhen World Union Prope - A 7,240 58,065 0.08 Shenzhen Yan Tian Port Hld - A 7,000 73,570 0.10 Shenzhen Zhongjin Lingnan - A 7,700 86,240 0.12 Shijiazhuang Yiling Pharma - A 4,200 73,332 0.10 Sichuan Changhong Electric - A 16,800 60,816 0.08 Sichuan Chuantou Energy Co - A 13,400 131,588 0.18 Sichuan Hebang Biotechnol- A 8,600 43,774 0.06 iShares Asia Trust 129 iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.26%) (Continued) Holdings RMB Net Assets Listed Equities (99.26%) (Continued) China (99.26%) (Continued) Sichuan Kelun Pharmaceutic - A 4,900 80,948 0.11 Sinochem Intl Corp - A 7,700 73,612 0.10 Sinolink Securities Co Ltd - A 9,200 107,824 0.15 Sinopec Shanghai Petroche - A 17,300 114,353 0.16 Sinotrans Air Transport - A 3,500 66,255 0.09 Soochow Securities Co Ltd - A 9,800 110,054 0.15 Southwest Securities Co Lt - A 16,900 94,809 0.13 Spring Airlines Co Ltd - A 1,500 50,445 0.07 Suning Commerce Group Co - A 30,400 342,000 0.47 Suning Universal Co Ltd - A 10,300 60,358 0.08 Sunshine City Group Co Ltd - A 14,200 82,644 0.11 Suofeiya Home Collection C - A 2,400 98,400 0.14 Suzhou Gold Mantis Constr - A 9,650 105,957 0.15 Suzhou Victory Precision - A 10,250 94,915 0.13 Tahoe Group Co Ltd - A (formerly known as Thaihot Group Co Ltd - A) 3,800 63,384 0.09 Taihai Manoir Nuclear Equi - A 1,400 65,674 0.09 Tangshan Jidong Cement Inv - A 4,300 66,177 0.09 Tangshan Port Group Co Ltd - A 14,880 77,674 0.11 Tasly Pharmaceutical Group - A 2,900 120,466 0.17 Tatwah Smartech Co Ltd - A 3,200 51,680 0.07 TBEA Co Ltd - A 11,562 119,435 0.17 TCL Corp - A 40,300 138,229 0.19 Tian Di Science & Technolo - A 12,600 57,834 0.08 Tianguang Zhongmao Co Ltd - A 7,900 72,680 0.10 Tianjin Port Co Ltd - A 6,300 78,687 0.11 Tianjin Tianhai Investment - A 5,600 31,864 0.04 Tianjin Zhonghuan Semicond - A 18,200 166,530 0.23 Tianma Microelectronics - A 4,400 90,508 0.13 Tianqi Lithium Corp - A (formerly known as Tianqi Lithium Industr Ind - A) 3,400 184,790 0.26 Tongding Interconnection I - A 2,600 34,944 0.05 Tonghua Dongbao Pharmaceut - A 4,872 88,865 0.12 Tonghua Golden-Horse Pharm - A 3,100 49,538 0.07 Tongling Nonferrous Metals - A 34,300 97,412 0.13 Tsinghua Tongfang Co Ltd - A 10,500 148,260 0.21 Tsinghua Unisplendour Co - A 1,400 85,568 0.12 Tsingtao Brewery Co Ltd - A 2,000 70,200 0.10 Tus-Sound Environmen-Res - A 2,800 98,336 0.14 Unigroup Guoxin Co Ltd - A 2,200 67,804 0.09 Venustech Group Inc - A 2,800 52,080 0.07

130 iShares Asia Trust iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.26%) (Continued) Holdings RMB Net Assets Listed Equities (99.26%) (Continued) China (99.26%) (Continued) Wanda Film Holding Co Ltd - A (formerly known as Wanda Cinema Line Co Ltd - A) 3,400 173,298 0.24 Wanhua Chemical Group Co - A 9,240 264,634 0.37 Wanxiang Qianchao Co Ltd - A 10,080 107,050 0.15 Weichai Power Co Ltd - A 8,900 117,480 0.16 Weifu High-Technology Grp - A 3,000 77,700 0.11 Western Mining Co - A 8,400 64,596 0.09 Western Securities Co Ltd - A 11,088 157,671 0.22 Westone Information Indust - A 2,240 37,677 0.05 Wintime Energy Co Ltd - A 32,600 116,382 0.16 Wuchan Zhongda Group Co L - A 12,135 88,464 0.12 Wuhu Shunrong Sanqi Intera - A 4,900 125,293 0.17 Wuliangye Yibin Co Ltd - A 12,100 673,486 0.93 XCMG Construction Machin - A 21,400 80,250 0.11 Xiamen C & D Inc - A 10,050 129,947 0.18 Xiamen Tungsten Co Ltd - A 3,500 75,215 0.10 Xinhu Zhongbao Co Ltd - A 25,200 113,400 0.16 Xinjiang Goldwind Sci&Tech - A 6,800 105,196 0.15 Xinjiang Zhongtai Chemical - A 4,600 58,420 0.08 Xinxing Ductile Iron Pipes - A 10,500 70,350 0.10 Xishui Strong Year Co Ltd - A 2,400 52,800 0.07 XJ Electric Co Ltd - A 3,500 62,860 0.09 Yangquan Coal Industry Grp - A 8,400 56,952 0.08 Yantai Jereh Oilfield - A 2,600 41,132 0.06 Yifan Pharmaceutical Co Lt - A 4,300 71,724 0.10 Yihua Lifestyle Technology - A 5,600 56,280 0.08 Yingkou Port Liability Co - A 15,200 52,136 0.07 Yonghui Superstores Co Ltd - A 29,400 208,152 0.29 Yonyou Network Technology - A 4,500 77,040 0.11 Youngor Group Co - A 11,760 119,011 0.16 Youzu Interactive Co Ltd - A 2,100 66,696 0.09 Yuan Longping High-Tech Ag - A 4,200 92,484 0.13 Yunnan Baiyao Group Co Ltd - A 3,400 319,090 0.44 Yunnan Chihong Zinc & Germ - A 15,000 98,250 0.14 Yunnan Tin Co Ltd - A 3,200 43,552 0.06 Zhangzhou Pientzehuang Pha - A 2,100 128,184 0.18 Zhejiang Century Huatong - A 2,200 79,772 0.11 Zhejiang China Commodities - A 14,900 107,876 0.15 Zhejiang Chint Electrics - A 4,437 89,139 0.12 Zhejiang Dahua Technology - A 8,700 198,447 0.27 Zhejiang Daily Digital Cultu - A (formerly known as Zhe Jiang Daily Media Grp - A) 4,200 81,144 0.11 iShares Asia Trust 131 iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.26%) (Continued) Holdings RMB Net Assets Listed Equities (99.26%) (Continued) China (99.26%) (Continued) Zhejiang Huahai Pharmaceut - A 3,700 77,848 0.11 Zhejiang Huayou Cobalt Co - A 1,600 97,248 0.13 Zhejiang Juhua Co - A 6,208 74,682 0.10 Zhejiang Longsheng Group C - A 10,100 96,253 0.13 Zhejiang Nhu Co Ltd - A 3,000 58,230 0.08 Zhejiang Wanfeng Auto - A 6,720 130,704 0.18 Zhejiang Wanliyang Co Ltd - A 4,300 68,456 0.09 Zhejiang Yasha Decoration - A 3,800 33,858 0.05 Zhejiang Zheneng Electric - A 30,300 165,438 0.23 Zhengzhou Yutong Bus Co - A 6,063 133,204 0.18 Zhonghong Holding Co Ltd - A 15,400 40,348 0.06 Zhongjin Gold Corp - A 12,210 122,466 0.17 Zhongshan Broad Ocean Moto - A 6,300 41,454 0.06 Zhongtian Financial Group - A (formerly known as Zhongtian Urban Developmen - A) 16,600 115,370 0.16 Zijin Mining Group Co Ltd - A 49,600 170,128 0.24 Zoomlion Heavy Industry S - A 22,400 100,576 0.14 ZTE Corp - A 10,076 239,204 0.33 Total investments 71,722,116 99.26 Other net assets 533,356 0.74 Net assets attributable to unitholders at 30th June 2017 72,255,472 100.00 Total investments, at cost 62,220,751

132 iShares Asia Trust iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) For the period ended 30th June 2017

Holdings Corporate Investments 01.01.2017 Additions action Disposals 30.06.2017 Listed equities Addsino Co Ltd – A 9,100 – – 4,400 4,700 AECC Aero-Engine Control – A (formerly known as Avic Aero-Engine Controls – A) 4,102 – – – 4,102 AECC Aviation Power Co – A (formerly known as Avic Aviation Engine Corp – A) 6,000 – – – 6,000 Agricultural Bank of China – A 251,700 – – 64,900 186,800 Air China Ltd – A 13,500 – – – 13,500 Aisino Corp – A 6,500 – – – 6,500 Alpha Group – A 4,600 – – – 4,600 Aluminum Corp of China Ltd – A 36,000 – – – 36,000 Angang Steel Co Ltd – A 14,176 – – – 14,176 Anhui Conch Cement Co Ltd – A 13,500 – – 1,700 11,800 Anhui Gujing Distillery Co – A – 1,200 – – 1,200 Anhui Jianghuai Auto Group – A 5,600 – – – 5,600 Anhui Kouzi Distillery Co – A – 1,900 – – 1,900 Anhui Xinhua Media Co Ltd – A 4,300 4,100 – 1,900 6,500 Anhui Zhongding Sealing Pa – A 4,200 – – – 4,200 Anxin Trust Co Ltd – A 6,300 – 7,560 – 13,860 Aurora Optoelectronics Co – A 1,700 – 1,020 – 2,720 Avic Aircraft Co Ltd – A 8,500 – – – 8,500 Avic Aviation High-Technol – A 4,500 – – – 4,500 Avic Capital Co Ltd – A 28,000 – – – 28,000 Avic Electromechanical Sy – A 5,250 – 2,625 – 7,875 Avic Helicopter Co Ltd – A 2,100 – – – 2,100 Avic Jonhon Optronic Tech – A 2,100 – 630 – 2,730 Bank of Beijing Co Ltd – A 50,780 – – 3,900 46,880 Bank of China Ltd – A 157,800 – – – 157,800 Bank of Communications Co – A 125,900 – – – 125,900 Bank of Guiyang Co Ltd – A 4,200 4,100 – 3,000 5,300 Bank of Jiangsu Co Ltd – A 8,300 8,400 – 4,100 12,600 Bank of Nanjing Co Ltd – A 18,920 – – – 18,920 Bank of Ningbo Co Ltd – A 13,500 – – 1,900 11,600 Bank of Shanghai Co Ltd – A – 5,700 – – 5,700 Baoshan Iron & Steel Co – A 38,443 19,768 – – 58,211 BBMG Corporation – A 23,200 – – – 23,200 Beijing Capital Co Ltd – A 16,800 – – – 16,800 Beijing Capital Developmen – A 8,991 – – – 8,991 Beijing Dabeinong Technolo – A 14,700 – – – 14,700 Beijing Gehua Catv Network – A 3,800 – – – 3,800 Beijing New Building Mater – A 5,100 – – – 5,100 Beijing Orient Landscape – A 8,950 – – – 8,950

iShares Asia Trust 133 iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Beijing Oriental Yuhong – A – 2,800 – – 2,800 Beijing Shiji Information – A 2,980 – – – 2,980 Beijing Shougang Co Ltd – A 15,400 – – 5,800 9,600 Beijing Sl Pharmaceutical – A 1,900 – – – 1,900 Beijing SPC Environment – A 4,000 – – – 4,000 Beijing Tiantan Biological – A 1,100 – 330 – 1,430 Beijing Tongrentang Co – A 4,100 – – – 4,100 Beijing Urban Construction – A 5,400 – – – 5,400 Beijing Xinwei Technology – A 10,200 – – – 10,200 Beijing Yanjing Brewery Co – A 10,500 – – – 10,500 Beiqi Foton Motor Co Ltd – A 23,800 – – – 23,800 BOE Technology Group Co Lt – A 113,100 – – 8,500 104,600 Bohai Financial Investment – A 35,200 – – 14,800 20,400 Bright Dairy & Food Co Ltd – A 4,200 – – – 4,200 BYD Co Ltd – A 6,000 – – – 6,000 CEFC Anhui International – A 7,900 – – – 7,900 Central China Securities C – A – 8,500 – – 8,500 Changjiang Securities Co L – A 17,500 – – – 17,500 Changyuan Group Ltd – A 3,360 – – – 3,360 Chengdu Santai Holding Grp – A 5,450 – – – 5,450 Chengdu Xingrong Environme – A 10,500 – – – 10,500 China Aerospace Times Elec – A 3,500 – 3,500 – 7,000 China Avionics Systems Co – A 4,100 – – – 4,100 China Baoan Group – A 7,440 – – – 7,440 China Camc Engineering Co – A 3,240 – 648 – 3,888 China Citic Bank Corp Ltd – A 19,800 – – – 19,800 China Communications Const – A 9,300 – – – 9,300 China Construction Bank – A 30,300 – – – 30,300 China CSSC Holdings Ltd – A 4,900 – – – 4,900 China Eastern Airlines Co – A 26,100 – – – 26,100 China Everbright Bank Co – A 129,100 – – – 129,100 China Film Co Ltd – A 6,200 – – – 6,200 China First Heavy Industr – A 22,900 – – 22,900 – China Fortune Land Develop – A 7,988 – – – 7,988 China Gezhouba Group Co Lt – A 14,200 – – – 14,200 China Grand Automotive Ser – A 15,100 – 4,530 – 19,630 China Greatwall Technology – A – 10,700 – – 10,700 China Hainan Rubber Indust – A 14,000 – – – 14,000 China High-Speed Railway – A 8,000 – – – 8,000 China International Travel – A 3,500 – 2,600 900 5,200 China Intl Marine Contain – A 4,200 – – – 4,200

134 iShares Asia Trust iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) China Jushi Co Ltd – A 8,100 – 1,620 – 9,720 China Life Insurance Co – A 9,625 – – 500 9,125 China Media Group – A (formerly known as Huawen Media Investment – A) 7,700 – – – 7,700 China Meheco Co Ltd – A – 3,400 – – 3,400 China Merchants Bank – A 67,483 – – 2,000 65,483 China Merchants Energy – A 16,000 – – – 16,000 China Merchants Securities – A 19,129 – – 2,100 17,029 China Merchants Shekou Ind – A 21,300 – – – 21,300 China Minsheng Banking – A 95,400 – – – 95,400 China Molybdenum Co Ltd – A 30,300 – – – 30,300 China National Accord Medi – A 900 – – – 900 China National Chemical – A 14,400 – – – 14,400 China National Nuclear Pow – A 41,900 – – – 41,900 China Nonferrous Metal Ind – A 5,300 – – – 5,300 China Northern Rare Earth – A 12,400 – – – 12,400 China Nuclear Engineering – A 3,800 3,800 – 2,800 4,800 China Pacific Insurance Gr – A 20,300 – – – 20,300 China Petroleum & Chemical – A 82,900 – – – 82,900 China Railway Construction – A 34,200 6,800 – 3,400 37,600 China Railway Group Ltd – A 49,422 10,300 – – 59,722 China Railway Hi-Tech Indu – A (formerly known as China Railway Erju Co Ltd – A) 5,600 – – – 5,600 China Resources Sanjiu Med – A 3,500 – – – 3,500 China Security & Fire – A 4,700 – – – 4,700 China Shenhua Energy Co – A 14,100 – – – 14,100 China Shipbuilding Industry Co Ltd – A 59,600 – – – 59,600 China Shipbuilding Industry Group Power Co Ltd – A 4,000 – – – 4,000 China South Publishing – A 6,222 – – – 6,222 China Southern Airlines Co – A 21,900 – – – 21,900 China Spacesat Co Ltd – A 4,200 – – – 4,200 China State Construction – A 98,200 – – 3,700 94,500 China United Network – A 68,900 – – – 68,900 China Vanke Co Ltd – A 31,500 – – – 31,500 China XD Electric Co Ltd – A 18,900 – – 6,400 12,500 China Yangtze Power Co Ltd – A 47,400 – – – 47,400 Chinese Universe Publishin – A 4,900 – – – 4,900 Chongqing Changan Automob – A 11,613 – – – 11,613 Chongqing Dima Industry Co – A 8,100 – – – 8,100 Citic Guoan Information – A 14,000 – – – 14,000 Citic Heavy Industries Co – A 12,600 – – – 12,600

iShares Asia Trust 135 iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Citic Securities Co – A 33,000 – – 2,100 30,900 CMST Development Co Ltd – A 5,900 – – – 5,900 Cofco Property Group Co – A 4,700 – – – 4,700 Cofco Tunhe Sugar Co Ltd – A (formerly known as Cofco Tunhe Co Ltd – A) 6,700 – – – 6,700 Cosco Shipping Developme – A 25,400 – – – 25,400 Cosco Shipping Energy Tran – A 9,800 – – – 9,800 Cosco Shipping Holdings Co – A 24,800 – – – 24,800 CRRC Corp Ltd – A 73,515 6,700 – 3,500 76,715 CSSC Offshore and Marine E – A 2,200 – – – 2,200 Cultural Investment Holdin – A 2,400 – – – 2,400 Da An Gene Co Ltd Sun Yat – A 2,490 – – – 2,490 Dalian Port Pda Co Ltd – A 27,430 – – – 27,430 Dalian Zeus Entertainment – A 600 – 1,080 – 1,680 Daqin Railway Co Ltd – A 48,216 – – – 48,216 Datang Intl Power Gen Co – A – 15,900 – – 15,900 Datang Telecom Tech Co – A 3,500 – – – 3,500 Dawning Information Indust – A 2,200 – – – 2,200 DHC Software Co Ltd – A 5,400 – – – 5,400 Digital China Group Co Ltd – A 1,400 – – – 1,400 Digital China Information – A 1,700 – – – 1,700 Do-Fluoride Chemicals Co – A 1,800 – – – 1,800 Dong-E-E-Jiaoco Ltd – A 2,100 – – – 2,100 Dongfang Electric Corp Ltd – A 7,000 – – – 7,000 Dongxing Securities Co Lt – A 7,500 – – – 7,500 Dongxu Optoelectronic Tech – A 15,700 – – – 15,700 Dr Peng Telcom & Media Gr – A 4,900 – – – 4,900 Eternal Asia Supply Chain – A 7,000 – – – 7,000 Everbright Securitie Co – A 12,100 – – – 12,100 Fangda Carbon New Material – A 6,300 – – – 6,300 Faw Car Company Limited – A 5,600 – – – 5,600 Fiberhome Telecom Tech Co – A 3,100 – – – 3,100 Financial Street Holdings – A 10,500 – – – 10,500 Foshan Haitian Flavouring – A – 7,200 – – 7,200 Founder Securities Co Ltd – A 25,100 – – – 25,100 Fujian Newland Computer Co – A 3,500 – – – 3,500 Fujian Sunner Development – A 4,000 – – – 4,000 Future Land Holdings Co – A 7,300 – – – 7,300 Fuyao Glass Industry Group – A 6,993 – – 1,500 5,493 Galaxy Biomedical Investme – A 3,700 – – 3,700 – Gansu Gangtai Hd Group Co – A 10,000 – – 5,100 4,900

136 iShares Asia Trust iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) GCL System Integration Tec – A 9,100 – – – 9,100 GD Power Development Co – A 62,400 – – – 62,400 Gem Co Ltd – A 6,200 – 1,860 – 8,060 Gemdale Corp – A 15,600 – – 3,000 12,600 Geo-Jade Petroleum Corp – A 7,400 – – – 7,400 GF Securities Co Ltd – A 19,200 – – – 19,200 Global Top E-Commerce Co – A 3,800 – – – 3,800 Glodon Co Ltd – A 4,200 – – – 4,200 Goertek Inc – A 4,800 – 4,800 – 9,600 Gree Electric Appliances I – A 9,900 – – – 9,900 GRG Banking Equipment Co – A 5,450 – 2,725 – 8,175 Guangdong Advertising Grou – A 4,750 – 1,425 – 6,175 Guangdong Golden Dragon De – A 2,600 – – – 2,600 Guangdong Haid Group Co – A 5,200 – – – 5,200 Guangdong Hec Technology H – A 9,100 – – – 9,100 Guanghui Energy Co Ltd – A 19,100 – – – 19,100 Guangshen Railway Co Ltd – A 20,300 – – – 20,300 Guangxi Wuzhou Zhongheng G – A 12,600 – – – 12,600 Guangzhou Automobile Group – A – 5,900 – – 5,900 Guangzhou Baiyunshan Phar – A 4,200 – – – 4,200 Guangzhou Haige Communicat – A 7,500 – – – 7,500 Guangzhou Yuetai Group Co – A – 8,100 – – 8,100 Guizhou Bailing Group Phar – A 4,900 – – – 4,900 Guosen Securities Co Ltd – A 13,500 – – – 13,500 Guotai Junan Securities Co – A 25,200 – – 1,800 23,400 Guoxuan High-Tech Co Ltd – A 2,600 – – – 2,600 Guoyuan Securities Co Ltd – A 7,000 – 3,500 – 10,500 Hainan Airlines Holding Co – A (formerly known as Hainan Airlines Co – A) 57,700 – – 10,600 47,100 Hainan Haiyao Co Ltd – A 4,200 – – – 4,200 Haitong Securities Co Ltd – A 27,100 – – 2,300 24,800 Hang Zhou Great Star Indus – A 3,700 – – – 3,700 Hangzhou Hikvision Digital – A 20,390 – 10,195 1,300 29,285 Hangzhou Lianluo Interact – A (formerly known as Hangzhou Liaison Interact – A) 6,350 – – – 6,350 Hangzhou Robam Appliances – A 2,400 – 720 – 3,120 Han’s Laser Technology In – A 3,500 – – – 3,500 Harbin Gloria Pharmaceutic – A 8,400 – – – 8,400 Harbin Pharmaceutical Grp – A 8,600 – – – 8,600 Hefei Meiya Optoelectronic – A 1,600 – – 1,600 – Heilongjiang Agriculture – A 6,300 – – – 6,300

iShares Asia Trust 137 iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Henan Pinggao Electric Co – A 4,200 – – – 4,200 Henan Shuanghui Investment – A 9,300 – – – 9,300 Hengkang Medical Group Co – A 5,200 – – – 5,200 Hengtong Optic-Electric Co – A 2,700 – – – 2,700 Hesteel Co Ltd – A 38,500 – – 7,700 30,800 Hisense Electric Co Ltd – A 3,800 – – – 3,800 Holitech Technology Co Ltd – A – 9,900 – – 9,900 Hongda Xingye Co Ltd – A 8,584 – – – 8,584 Huaan Securities Co Ltd – A – 9,600 – – 9,600 Huadian Power Intl Corp – A 24,600 – – – 24,600 Huadong Medicine Co Ltd – A 1,600 – 1,600 – 3,200 Hualan Biological Engineer – A 3,176 – – – 3,176 Huaneng Power Intl Inc – A 21,900 – – 6,300 15,600 Huapont Life Sciences Co L – A 7,700 – – – 7,700 Huatai Securities Co Ltd – A 18,100 – – 2,000 16,100 Huaxia Bank Co Ltd – A 33,975 – 6,795 – 40,770 Huayu Automotive Systems – A 9,600 – – – 9,600 Hubei Biocause Pharmaceuti – A 11,300 – – – 11,300 Hubei Energy Group Co Ltd – A 19,600 – – 7,100 12,500 Humanwell Healthcare Group – A 3,700 – – – 3,700 Hunan Dakang Intl Food &Ag – A 15,840 – – – 15,840 Hunan TV & Broadcast Int – A 4,900 – – – 4,900 Hundsun Technologies Inc – A 2,100 – – – 2,100 Hytera Communications Corp – A 5,800 – – – 5,800 Iflytek Co Ltd – A 4,000 – – – 4,000 Ind & Comm Bk of China – A 172,800 – – – 172,800 Industrial Bank Co Ltd – A 61,600 6,200 – 2,100 65,700 Industrial Securities Co – A 22,140 – – – 22,140 Inner Mongolia Baotou Ste – A 92,800 – 37,120 – 129,920 Inner Mongolia First Machi – A – 5,400 – – 5,400 Inner Mongolia Junzheng En – A 25,200 – – – 25,200 Inner Mongolia Mengdian Hu – A 21,000 – – – 21,000 Inner Mongolia Yili Indus – A 19,654 – – – 19,654 Inspur Electronic Informat – A 3,500 – – – 3,500 Jiangsu Bicon Pharmaceutic – A 2,200 – – – 2,200 Jiangsu Broadcasting Cable – A 8,460 – – – 8,460 Jiangsu Hengrui Medicine C – A 7,815 – 1,563 – 9,378 Jiangsu Phoenix Publish – A 7,700 – – – 7,700 Jiangsu Protruly Vision Te – A 8,400 – – – 8,400 Jiangsu Shagang Co Ltd – A 10,000 – – – 10,000 Jiangsu Yanghe Brewery – A 4,200 – – – 4,200

138 iShares Asia Trust iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Jiangsu Yuyue Medical Equ – A 2,100 – 1,050 – 3,150 Jiangsu Zhongnan Construct – A 10,200 – – – 10,200 Jiangsu Zhongtian Technolo – A 8,950 – – – 8,950 Jiangsu Zongyi Co Ltd – A 4,400 – – 4,400 – Jiangxi Copper Co Ltd – A 6,451 – – – 6,451 Jiangxi Ganfeng Lithium Co – A 2,600 – – – 2,600 Jiangxi Special Electric – A 4,200 – – – 4,200 Jihua Group Corp Ltd – A 12,400 – – – 12,400 Jilin Aodong Pharmaceutica – A 2,500 – 750 – 3,250 Jinduicheng Molybdenum Co – A 9,800 – – – 9,800 Jinke Properties Group Co – A 11,600 – – – 11,600 Jinyu Bio-Technology Co Lt – A – 1,900 – – 1,900 Jishi Media Co Ltd – A 11,200 – – 11,200 – Jizhong Energy Resources – A 12,600 – – – 12,600 Joincare Pharmaceutical Gr – A 5,600 – – – 5,600 Jointo Energy Investment C – A – 5,700 – – 5,700 Jointown Pharmaceutical – A 3,700 – – – 3,700 Kaidi Ecological – A – 6,200 6,200 – 12,400 Kangde Xin Composite Mater – A 11,284 – – – 11,284 Kangmei Pharmaceutical Co – A 15,980 – – – 15,980 Kingenta Ecological Engine – A 11,200 – – – 11,200 Kingfa Sci.& Tech Co Ltd – A 9,100 – – – 9,100 Kingnet Network Co Ltd – A 1,700 – – – 1,700 Kunwu Jiuding Investment H – A 1,000 – – – 1,000 Kweichow Moutai Co Ltd – A 4,124 – – 100 4,024 Leo Group Co Ltd – A 5,300 – 13,250 – 18,550 Liaoning Cheng Da Co Ltd – A 5,600 – – – 5,600 Lomon Billions Group Co – A – 6,500 – – 6,500 Longi Green Energy Technol – A (formerly known as Xian Longi Silicon Materia – A) 6,300 – – – 6,300 Luxin Venture Capital Grp – A 2,200 – – – 2,200 Luxshare Precision Industr – A 7,200 – – – 7,200 Luzhou Laojiao Co Ltd – A 4,900 – – 800 4,100 Maanshan Iron & Steel – A 21,700 – – – 21,700 Meihua Holdings Group Co – A 7,000 – – – 7,000 Meinian Onehealth Healthca – A 5,900 – – – 5,900 Metallurgical Corp of Chin – A 44,600 – – – 44,600 Midea Group Co Ltd – A 20,850 – – 1,000 19,850 Minmetals Development Co – A 4,200 – – – 4,200 Muyuan Foodstuff Co Ltd – A 3,700 – – 1,500 2,200 Nanjing Xinjiekou Dept – A 2,900 – – – 2,900

iShares Asia Trust 139 iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Nari Technology Co Ltd – A 7,400 – – – 7,400 Navinfo Co Ltd – A 3,300 – – – 3,300 Neusoft Corp – A 4,200 – – – 4,200 New China Life Insurance C – A 5,500 – – – 5,500 New Hope Liuhe Co Ltd – A 12,200 – – – 12,200 Ningbo Joyson Electronic – A 1,900 1,200 – – 3,100 Ningbo Zhoushan Port Co Lt – A 30,800 – – 6,200 24,600 North Industries Group Red – A (formerly known as Hunan Jiangnan Red Arrow – A) 3,432 – – – 3,432 North Navigation Control T – A 5,600 – – – 5,600 Northeast Securities Co Lt – A 8,400 – – – 8,400 Oceanwide Holdings Co Ltd – A 12,400 – – – 12,400 Offshore Oil Engineering – A 13,200 – – – 13,200 ORG Packaging Co Ltd – A 8,400 – – – 8,400 Orient Securities Co Ltd – A 16,400 – – – 16,400 Oriental Energy Co Ltd – A 5,600 – – – 5,600 Pacific Securities Co/The – A 21,800 – – – 21,800 Pang Da Automobile Trade – A 23,800 – – – 23,800 People.Cn Co Ltd – A 4,200 – – – 4,200 Petrochina Co Ltd – A 33,700 – – – 33,700 Ping An Bank Co Ltd – A 57,420 – – 3,800 53,620 Ping An Insurance Group Co – A 35,500 – – 1,100 34,400 Poly Real Estate Group Co – A 40,100 – – 3,600 36,500 Power Construction Corp of – A 31,400 – – – 31,400 Qingdao Haier Co Ltd – A 18,800 – – – 18,800 Qingdao Hanhe Cable Co Ltd – A 11,900 – – – 11,900 Qinghai Salt Lake Industry – A 5,600 – 2,800 – 8,400 Realcan Pharmaceutical Co – A 1,400 – 1,820 – 3,220 Risesun Real Estate Devel – A 15,200 – – 3,400 11,800 Saic Motor Corp Ltd – A 24,004 – – – 24,004 Sanan Optoelectronics Co L – A 12,540 – – – 12,540 Sany Heavy Industry Co Ltd – A 24,600 – – – 24,600 Sdic Essence Holdings Co L – A 8,600 – – – 8,600 Sdic Power Holdings Co Ltd – A 20,400 – – – 20,400 Sealand Securities Co Ltd – A 12,550 – – – 12,550 Searainbow Hldg Corp Co – A 3,100 – – – 3,100 Shaanxi Intl Trust Co Ltd – A 9,300 – – – 9,300 Shandong Gold Mining Co Lt – A 5,700 – – – 5,700 Shandong Iron and Steel Co – A 20,300 – 6,090 – 26,390 Shandong Linglong Tyre Co – A 1,800 – – – 1,800 Shandong Nanshan Aluminum – A 26,450 – – – 26,450

140 iShares Asia Trust iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Shandong Qixing Iron Tower – A – 2,000 – – 2,000 Shanghai 2345 Network Hold – A 5,600 – 3,920 – 9,520 Shanghai AJ Group Co Ltd – A 3,700 – – – 3,700 Shanghai Bailian Group Co – A 5,539 – – – 5,539 Shanghai Construction Grou – A 21,960 – 4,172 – 26,132 Shanghai Dazhong Public Ut – A 9,100 – – – 9,100 Shanghai DZH Ltd – A 4,700 – – 4,700 – Shanghai Electric Grp Co L – A 47,500 – – 25,400 22,100 Shanghai Electric Power Co – A 7,100 – – – 7,100 Shanghai Environment Group – A – 2,260 – 2,260 – Shanghai Fosun Pharmaceuti – A 5,991 – – – 5,991 Shanghai International Air – A 3,294 – – – 3,294 Shanghai International Por – A 22,500 – – – 22,500 Shanghai Jahwa United Co – A 2,100 – – – 2,100 Shanghai Jinjiang Internat – A 1,700 – – – 1,700 Shanghai Jinqiao Export P – A 3,100 – – – 3,100 Shanghai Lujiazui Fin&Trad – A 5,860 – – 1,500 4,360 Shanghai Mechanical and El – A 2,800 – – – 2,800 Shanghai Oriental Pearl Me – A 8,861 – – – 8,861 Shanghai Pharmaceuticals – A 5,700 – – – 5,700 Shanghai Pudong Devel Bank – A 70,710 – 21,213 2,700 89,223 Shanghai RAAS Blood Produc – A 10,580 – – – 10,580 Shanghai SMI Holding Co Lt – A 10,400 8,139 – 10,400 8,139 Shanghai Tunnel Engineerin – A 11,200 – – – 11,200 Shanghai Waigaoqiao Ftz – A 2,800 – – – 2,800 Shanghai Yuyuan Tourist – A 4,900 – – – 4,900 Shanghai Zhangjiang High – A 5,300 – – – 5,300 Shanxi Lu’An Environmental – A 10,500 – – – 10,500 Shanxi Securities Co Ltd – A 8,700 – – – 8,700 Shanxi Taigang Stainless – A 15,800 – – – 15,800 Shanxi Xinghuacun Fen Wine – A – 2,700 – – 2,700 Shanxi Xishan Coal & Elec – A 11,200 – – – 11,200 Shenergy Company Limited – A 16,800 – – – 16,800 Shenwan Hongyuan Group Co – A 65,100 – – – 65,100 Shenwu Energy Saving Co Lt – A – 2,000 – – 2,000 Shenzhen Agricultural Prod – A 6,300 – – – 6,300 Shenzhen Aisidi Co Ltd – A 2,300 – – 2,300 – Shenzhen Energy Group Co L – A 12,100 – – – 12,100 Shenzhen Feima Internation – A 3,760 – – – 3,760 Shenzhen Hepalink Pharmace – A 3,240 – – – 3,240 Shenzhen Kingdom Sci-Tech – A 2,800 – – – 2,800

iShares Asia Trust 141 iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Shenzhen O-Film Tech Co – A 3,500 – 5,250 – 8,750 Shenzhen Overseas Chinese – A 26,000 – – – 26,000 Shenzhen Salubris Pharm – A 3,500 – – – 3,500 Shenzhen World Union Prope – A 7,240 – – – 7,240 Shenzhen Yan Tian Port Hld – A 7,000 – – – 7,000 Shenzhen Zhongjin Lingnan – A 7,700 – – – 7,700 Shijiazhuang Yiling Pharma – A 4,200 – – – 4,200 Sichuan Changhong Electric – A 16,800 – – – 16,800 Sichuan Chuantou Energy Co – A 13,400 – – – 13,400 Sichuan Hebang Biotechnol- A 8,600 – – – 8,600 Sichuan Kelun Pharmaceutic – A 4,900 – – – 4,900 Sinochem Intl Corp – A 7,700 – – – 7,700 Sinodata Co Ltd – A 900 – – 900 – Sinolink Securities Co Ltd – A 9,200 – – – 9,200 Sinopec Shanghai Petroche – A 17,300 – – – 17,300 Sinotrans Air Transport – A 3,500 – – – 3,500 Sinovel Wind Group Co Ltd – A 18,200 – – 18,200 – Soochow Securities Co Ltd – A 9,800 – – – 9,800 Southwest Securities Co Lt – A 16,900 – – – 16,900 Spring Airlines Co Ltd – A 1,500 – – – 1,500 Suning Commerce Group Co – A 30,400 – – – 30,400 Suning Universal Co Ltd – A 10,300 – – – 10,300 Sunshine City Group Co Ltd – A 14,200 – – – 14,200 Suofeiya Home Collection C – A 1,200 – 1,200 – 2,400 Suzhou Gold Mantis Constr – A 9,650 – – – 9,650 Suzhou Victory Precision – A 10,250 – – – 10,250 Tahoe Group Co Ltd – A (formerly known as Thaihot Group Co Ltd – A) 3,800 – – – 3,800 Taihai Manoir Nuclear Equi – A 1,400 – – – 1,400 Taiji Computer Corp Ltd – A 1,400 – – 1,400 – Tangshan Jidong Cement Inv – A – 4,300 – – 4,300 Tangshan Port Group Co Ltd – A 14,880 – – – 14,880 Tasly Pharmaceutical Group – A 3,800 – – 900 2,900 Tatwah Smartech Co Ltd – A 3,200 – – – 3,200 TBEA Co Ltd – A 10,000 1,562 – – 11,562 TCL Corp – A 40,300 – – – 40,300 Tian Di Science & Technolo – A 12,600 – – – 12,600 Tianguang Zhongmao Co Ltd – A – 7,900 – – 7,900 Tianjin Port Co Ltd – A 6,300 – – – 6,300 Tianjin Tianhai Investment – A 5,600 – – – 5,600 Tianjin Zhonghuan Semicond – A 18,200 – – – 18,200

142 iShares Asia Trust iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Tianma Microelectronics – A 8,400 – – 4,000 4,400 Tianqi Lithium Corp – A (formerly known as Tianqi Lithium Industr Ind – A) 3,400 – – – 3,400 Tongding Interconnection I – A 2,600 – – – 2,600 Tonghua Dongbao Pharmaceut – A 4,060 – 812 – 4,872 Tonghua Golden-Horse Pharm – A 3,100 – – – 3,100 Tongling Nonferrous Metals – A 34,300 – – – 34,300 Tsinghua Tongfang Co Ltd – A 10,500 – – – 10,500 Tsinghua Unisplendour Co – A 1,100 1,100 – 800 1,400 Tsingtao Brewery Co Ltd – A 2,000 – – – 2,000 Tus-Sound Environmen-Res – A 2,800 – – – 2,800 Unigroup Guoxin Co Ltd – A 2,200 – – – 2,200 Utour Group Co Ltd – A 2,400 – – 2,400 – Venustech Group Inc – A 2,800 – – – 2,800 Visual China Group Co Ltd – A 2,100 – – 2,100 – Wanda Film Holding Co Ltd – A (formerly known as Wanda Cinema Line Co Ltd – A) 3,400 – – – 3,400 Wanhua Chemical Group Co – A 7,700 – 1,540 – 9,240 Wanxiang Qianchao Co Ltd – A 8,400 – 1,680 – 10,080 Weichai Power Co Ltd – A 8,900 – – – 8,900 Weifu High-Technology Grp – A 3,000 – – – 3,000 Western Mining Co – A 8,400 – – – 8,400 Western Securities Co Ltd – A 8,800 2,288 – – 11,088 Westone Information Indust – A 1,400 – 840 – 2,240 Wintime Energy Co Ltd – A 24,600 8,000 – – 32,600 Wuchan Zhongda Group Co L – A 8,090 – 4,045 – 12,135 Wuhan Iron & Steel Co Ltd – A 35,300 – – 35,300 – Wuhu Shunrong Sanqi Intera – A 4,900 – – – 4,900 Wuliangye Yibin Co Ltd – A 12,100 – – – 12,100 XCMG Construction Machin – A 21,400 – – – 21,400 Xiamen C & D Inc – A 10,050 – – – 10,050 Xiamen Tungsten Co Ltd – A 3,500 – – – 3,500 Xinhu Zhongbao Co Ltd – A 25,200 – – – 25,200 Xinjiang Goldwind Sci&Tech – A 6,800 – – – 6,800 Xinjiang Zhongtai Chemical – A 4,600 – – – 4,600 Xinxing Ductile Iron Pipes – A 10,500 – – – 10,500 Xishui Strong Year Co Ltd – A 2,400 – – – 2,400 XJ Electric Co Ltd – A 3,500 – – – 3,500 Yangquan Coal Industry Grp – A 8,400 – – – 8,400 Yantai Jereh Oilfield – A 2,600 – – – 2,600 Yifan Pharmaceutical Co Lt – A 4,300 – – – 4,300

iShares Asia Trust 143 iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Yihua Lifestyle Technology – A 5,600 – – – 5,600 Yingkou Port Liability Co – A 15,200 – – – 15,200 Yonghui Superstores Co Ltd – A 29,400 – – – 29,400 Yonyou Network Technology – A 4,500 – – – 4,500 Youngor Group Co – A 8,400 – 3,360 – 11,760 Youzu Interactive Co Ltd – A 2,100 – – – 2,100 Yuan Longping High-Tech Ag – A 4,200 – – – 4,200 Yunnan Baiyao Group Co Ltd – A 7,300 – – 3,900 3,400 Yunnan Chihong Zinc & Germ – A 15,000 – – – 15,000 Yunnan Tin Co Ltd – A 3,200 – – – 3,200 Zhangzhou Pientzehuang Pha – A 2,100 – – – 2,100 Zhejiang Century Huatong – A – 2,200 – – 2,200 Zhejiang China Commodities – A 19,300 – – 4,400 14,900 Zhejiang Chint Electrics – A 4,437 – – – 4,437 Zhejiang Dahua Technology – A 8,700 – – – 8,700 Zhejiang Daily Digital Cultu – A (formerly known as Zhe Jiang Daily Media Grp – A) 4,200 – – – 4,200 Zhejiang Huahai Pharmaceut – A 3,700 – – – 3,700 Zhejiang Huayou Cobalt Co – A – 1,600 – – 1,600 Zhejiang Juhua Co – A 6,208 – – – 6,208 Zhejiang Longsheng Group C – A 10,100 – – – 10,100 Zhejiang Nhu Co Ltd – A 3,000 – – – 3,000 Zhejiang Wanfeng Auto – A 5,600 – 1,120 – 6,720 Zhejiang Wanliyang Co Ltd – A – 4,300 – – 4,300 Zhejiang Wanma Co Ltd – A 3,500 – – 3,500 – Zhejiang Yasha Decoration – A 3,800 – – – 3,800 Zhejiang Zheneng Electric – A 30,300 – – – 30,300 Zhengzhou Yutong Bus Co – A 7,763 – – 1,700 6,063 Zhonghong Holding Co Ltd – A 15,400 – – – 15,400 Zhongjin Gold Corp – A 12,210 – – – 12,210 Zhongnan Red Culture Group – A 3,200 – – 3,200 – Zhongshan Broad Ocean Moto – A 6,300 – – – 6,300 Zhongtian Financial Group – A (formerly known as Zhongtian Urban Developmen – A) 16,600 – – – 16,600 Zijin Mining Group Co Ltd – A 49,600 – – – 49,600 Zoomlion Heavy Industry S – A 22,400 – – – 22,400 ZTE Corp – A 11,876 – – 1,800 10,076

Unlisted rights TBEA Co Ltd – A – Rights – – 1,562 1,562 –

144 iShares Asia Trust iShares MSCI China A International Index ETF (a Sub-Fund of iShares Asia Trust) Performance Record (unaudited)

Net Asset Value

Dealing Dealing Net asset value Net asset value per unit of the Sub-Fund RMB RMB At end of financial period dated 31st December 2016 6.29 66,073,234 30th June 2017 6.88 72,255,472

Highest and lowest net asset value per unit

Highest net asset Lowest net asset value per unit value per unit RMB RMB Financial period ended 31st December 2016 (since inception) 6.86 5.44 30th June 2017 6.88 6.29

iShares Asia Trust 145 iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) As at 30th June 2017

Fair value % of Investments (99.29%) Holdings HK$ Net Assets China (99.29%) Listed Equities Agricultural Bank of China – A 146,980,697 596,031,024 2.01 Bank of Beijing Co Ltd – A 45,218,252 477,693,141 1.61 Bank of China Ltd – A 87,344,701 372,309,559 1.25 Bank of Communications Co – A 90,966,718 645,548,889 2.17 Bank of Shanghai Co Ltd – A 3,568,140 104,985,345 0.35 Baoshan Iron & Steel Co – A 31,003,283 239,660,303 0.81 BOE Technology Group Co Lt – A 123,165,274 590,265,646 1.99 BYD Co Ltd – A 2,332,800 134,239,059 0.45 China Citic Bank Corp Ltd – A 11,583,888 83,940,373 0.28 China Communications Const – A 5,963,124 109,160,028 0.37 China Construction Bank – A 37,128,563 263,056,572 0.88 China Everbright Bank Co – A 57,634,141 268,906,158 0.90 China Life Insurance Co – A 5,975,828 185,740,211 0.62 China Merchants Bank – A 48,994,872 1,349,572,137 4.54 China Merchants Shekou Ind – A 8,571,397 210,920,484 0.71 China Minsheng Banking – A 96,019,295 909,277,051 3.06 China National Nuclear Pow – A 16,045,068 144,363,863 0.49 China Pacific Insurance Gr – A 10,416,695 406,453,666 1.37 China Petroleum & Chemical – A 39,427,541 269,352,050 0.91 China Railway Construction – A 15,907,689 220,464,475 0.74 China Railway Group Ltd – A 21,478,213 214,527,584 0.72 China Shenhua Energy Co – A 8,337,750 214,104,028 0.72 China Shipbuilding Industr – A 37,617,570 269,121,403 0.91 China State Construction – A 49,701,491 554,256,346 1.86 China United Network – A 49,295,353 424,221,312 1.43 China Yangtze Power Co Ltd – A 23,550,570 417,276,242 1.40 Citic Securities Co – A 32,401,105 635,309,394 2.14 CRRC Corp Ltd – A 36,005,734 419,776,460 1.41 Focus Media Information Te – A 22,791,206 361,286,422 1.22 GF Securities Co Ltd – A 11,084,289 220,273,798 0.74 Guangzhou Automobile Group – A 2,526,936 75,863,793 0.25 Guotai Junan Securities Co – A 13,974,533 330,193,761 1.11 Haitong Securities Co Ltd – A 25,351,756 433,710,963 1.46 Hangzhou Hikvision Digital – A 12,133,657 451,502,476 1.52 Huatai Securities Co Ltd – A 11,052,295 227,914,208 0.77 Ind & Comm Bk of China – A 89,833,354 543,328,915 1.83 Industrial Bank Co Ltd – A 62,944,870 1,222,598,366 4.11 Jiangsu Hengrui Medicine C – A 7,166,139 417,653,194 1.41 Jiangsu Yanghe Brewery – A 1,970,532 197,069,379 0.66 Kweichow Moutai Co Ltd – A 1,857,539 1,009,735,906 3.40

146 iShares Asia Trust iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.29%) (Continued) Holdings HK$ Net Assets China (99.29%) (Continued) Listed Equities (Continued) Midea Group Co Ltd – A 16,969,149 841,391,704 2.83 New China Life Insurance C – A 2,402,437 142,259,418 0.48 Petrochina Co Ltd – A 16,882,067 149,560,827 0.50 Ping An Bank Co Ltd – A 30,549,616 330,473,962 1.11 Ping An Insurance Group Co – A 39,275,386 2,244,685,953 7.55 Poly Real Estate Group Co – A 24,137,556 277,239,018 0.93 Saic Motor Corp Ltd – A 9,939,647 355,548,184 1.20 Shanghai International Por – A 14,907,573 108,883,507 0.37 Shanghai Pudong Devel Bank – A 57,390,746 836,369,709 2.81 Wuliangye Yibin Co Ltd – A 7,133,161 457,394,700 1.54 Total listed equity 21,965,470,966 73.90

CAAP – China A-Share Access Product, being a security (such as a warrant, note or participating certificate) linked to an A-Share.

iShares Asia Trust 147 iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.29%) (Continued) Holdings HK$ Net Assets China (99.29%) (Continued) Listed CAAPs issued by Credit Suisse AG, Nassau Branch, providing exposure from the following Agricultural Bank of China – A 4,467,168 18,115,097 0.06 Bank of Beijing Co Ltd – A 1,344,720 14,205,842 0.05 Bank of China Ltd – A 2,665,470 11,361,654 0.04 Bank of Communications Co – A 2,346,088 16,649,113 0.06 BYD Co Ltd – A 70,400 4,051,110 0.01 China Citic Bank Corp Ltd – A 326,455 2,365,593 0.01 China Communications Const – A 170,628 3,123,490 0.01 China Construction Bank – A 1,156,891 8,196,590 0.03 China Everbright Bank Co – A 1,774,140 8,277,684 0.03 China Life Insurance Co – A 190,811 5,930,773 0.02 China Merchants Bank – A 1,485,735 40,924,827 0.14 China Merchants Shekou Ind – A 263,700 6,488,993 0.02 China Minsheng Banking – A 2,913,499 27,590,066 0.09 China National Nuclear Pow – A 474,600 4,270,167 0.01 China Pacific Insurance Gr – A 318,469 12,426,485 0.04 China Petroleum & Chemical – A 1,227,096 8,382,991 0.03 China Railway Construction – A 463,325 6,421,216 0.02 China Railway Group Ltd – A 631,635 6,308,864 0.02 China Shenhua Energy Co – A 262,357 6,737,032 0.02 China Shipbuilding Industr – A 1,144,785 8,189,950 0.03 China State Construction – A 1,520,515 16,956,336 0.06 Citic Securities Co – A 980,724 19,229,692 0.06 CRRC Corp Ltd – A 892,694 10,407,561 0.03 Focus Media Information Te – A 49,500 784,674 0.00 GF Securities Co Ltd – A 252,657 5,020,955 0.02 Guangzhou Automobile Group – A 37,700 1,131,831 0.00 Guotai Junan Securities Co – A 390,398 9,224,420 0.03 Haitong Securities Co Ltd – A 702,054 12,010,549 0.04 Hangzhou Hikvision Digital – A 313,222 11,655,226 0.04 Huatai Securities Co Ltd – A 312,853 6,451,478 0.02 Ind & Comm Bk of China – A 2,731,201 16,518,806 0.06 Industrial Bank Co Ltd – A 1,624,987 31,562,639 0.11 Jiangsu Yanghe Brewery – A 49,300 4,930,405 0.02 Kweichow Moutai Co Ltd – A 53,965 29,334,726 0.10 Midea Group Co Ltd – A 224,243 11,118,778 0.04 New China Life Insurance C – A 65,117 3,855,879 0.01 Petrochina Co Ltd – A 480,618 4,257,869 0.01 Ping An Bank Co Ltd – A 843,261 9,122,075 0.03 Ping An Insurance Group Co – A 1,165,827 66,629,914 0.22

CAAP – China A-Share Access Product, being a security (such as a warrant, note or participating certificate) linked to an A-Share.

148 iShares Asia Trust iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.29%) (Continued) Holdings HK$ Net Assets China (99.29%) (Continued) Listed CAAPs issued by Credit Suisse AG, Nassau Branch, providing exposure from the following (continued) Poly Real Estate Group Co – A 752,400 8,641,912 0.03 Saic Motor Corp Ltd – A 279,407 9,994,586 0.03 Shanghai International Por – A 378,555 2,764,929 0.01 Shanghai Pudong Devel Bank – A 1,739,915 25,356,216 0.09 Wuliangye Yibin Co Ltd – A 217,100 13,920,952 0.05 550,899,945 1.85

CAAP – China A-Share Access Product, being a security (such as a warrant, note or participating certificate) linked to an A-Share.

iShares Asia Trust 149 iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.29%) (Continued) Holdings HK$ Net Assets China (99.29%) (Continued) Listed CAAPs issued by HSBC Bank plc, providing exposure from the following Agricultural Bank of China – A 6,248,319 25,337,956 0.09 Bank of Beijing Co Ltd – A 1,892,107 19,988,527 0.07 Bank of China Ltd – A 3,728,152 15,891,371 0.05 BYD Co Ltd – A 50,695 2,917,202 0.01 China Citic Bank Corp Ltd – A 461,217 3,342,120 0.01 China Communications Const – A 242,114 4,432,101 0.02 China Construction Bank – A 1,606,398 11,381,354 0.04 China Everbright Bank Co – A 2,472,464 11,535,886 0.04 China Life Insurance Co – A 263,408 8,187,228 0.03 China Merchants Bank – A 2,082,171 57,353,759 0.19 China Merchants Shekou Ind – A 366,203 9,011,334 0.03 China Minsheng Banking – A 4,076,796 38,606,181 0.13 China National Nuclear Pow – A 668,979 6,019,072 0.02 China Pacific Insurance Gr – A 446,050 17,404,625 0.06 China Petroleum & Chemical – A 1,702,844 11,633,096 0.04 China Railway Construction – A 655,312 9,081,961 0.03 China Railway Group Ltd – A 907,043 9,059,679 0.03 China Shenhua Energy Co – A 478,894 12,297,457 0.04 China Shipbuilding Industr – A 2,110,974 15,102,200 0.05 China State Construction – A 2,126,757 23,716,969 0.08 Citic Securities Co – A 1,372,702 26,915,459 0.09 CRRC Corp Ltd – A 1,316,918 15,353,418 0.05 Focus Media Information Te – A 54,770 868,215 0.00 GF Securities Co Ltd – A 367,079 7,294,819 0.02 Guangzhou Automobile Group – A 56,042 1,682,497 0.01 Guotai Junan Securities Co – A 559,630 13,223,076 0.04 Haitong Securities Co Ltd – A 1,007,513 17,236,259 0.06 Hangzhou Hikvision Digital – A 264,415 9,839,081 0.03 Huatai Securities Co Ltd – A 449,903 9,277,645 0.03 Ind & Comm Bk of China – A 3,820,346 23,106,155 0.08 Jiangsu Yanghe Brewery – A 39,282 3,928,523 0.01 Kweichow Moutai Co Ltd – A 77,128 41,925,855 0.14 Midea Group Co Ltd – A 352,508 17,478,620 0.06 New China Life Insurance C – A 95,157 5,634,687 0.02 Petrochina Co Ltd – A 694,388 6,151,691 0.02 Ping An Bank Co Ltd – A 1,211,828 13,109,092 0.04 Ping An Insurance Group Co – A 930,225 53,164,673 0.18 Poly Real Estate Group Co – A 1,047,253 12,028,533 0.04 Saic Motor Corp Ltd – A 403,455 14,431,871 0.05

CAAP – China A-Share Access Product, being a security (such as a warrant, note or participating certificate) linked to an A-Share.

150 iShares Asia Trust iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.29%) (Continued) Holdings HK$ Net Assets China (99.29%) (Continued) Listed CAAPs issued by HSBC Bank plc, providing exposure from the following (continued) Shanghai International Por – A 111,974 817,847 0.00 Shanghai Pudong Devel Bank – A 2,434,835 35,483,459 0.12 Wuliangye Yibin Co Ltd – A 305,787 19,607,767 0.07 660,859,320 2.22

CAAP – China A-Share Access Product, being a security (such as a warrant, note or participating certificate) linked to an A-Share.

iShares Asia Trust 151 iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.29%) (Continued) Holdings HK$ Net Assets China (99.29%) (Continued) Listed CAAPs issued by J.P. Morgan Structured Products B.V., guaranteed by JP Morgan Chase Bank, N.A., providing exposure from the following Agricultural Bank of China – A 33,190,196 134,591,677 0.45 Bank of Beijing Co Ltd – A 10,025,940 105,915,667 0.36 Bank of China Ltd – A 19,811,675 84,447,920 0.28 Bank of Communications Co – A 16,644,890 118,121,166 0.40 BYD Co Ltd – A 506,800 29,163,391 0.10 China Citic Bank Corp Ltd – A 2,436,700 17,657,078 0.06 China Communications Const – A 1,277,226 23,380,700 0.08 China Construction Bank – A 8,551,645 60,588,535 0.20 China Everbright Bank Co – A 13,153,749 61,372,036 0.21 China Life Insurance Co – A 1,385,410 43,061,209 0.14 China Merchants Bank – A 11,049,957 304,372,970 1.02 China Merchants Shekou Ind – A 1,922,000 47,295,581 0.16 China Minsheng Banking – A 21,660,592 205,120,085 0.69 China National Nuclear Pow – A 3,545,000 31,895,786 0.11 China Pacific Insurance Gr – A 2,365,200 92,288,798 0.31 China Petroleum & Chemical – A 9,072,013 61,976,083 0.21 China Railway Construction – A 3,477,067 48,188,630 0.16 China Railway Group Ltd – A 4,733,973 47,283,621 0.16 China Shenhua Energy Co – A 1,913,936 49,147,716 0.17 China Shipbuilding Industr – A 8,510,217 60,883,270 0.20 China State Construction – A 11,293,008 125,936,305 0.42 Citic Securities Co – A 7,299,034 143,116,896 0.48 CRRC Corp Ltd – A 6,984,809 81,433,084 0.27 Focus Media Information Te – A 244,600 3,877,401 0.01 GF Securities Co Ltd – A 2,026,073 40,263,367 0.14 Guangzhou Automobile Group – A 308,200 9,252,795 0.03 Guotai Junan Securities Co – A 2,969,682 70,168,380 0.24 Haitong Securities Co Ltd – A 5,353,764 91,590,740 0.31 Hangzhou Hikvision Digital – A 2,294,070 85,364,067 0.29 Huatai Securities Co Ltd – A 2,370,195 48,876,820 0.16 Ind & Comm Bk of China – A 20,291,854 122,728,866 0.41 Industrial Bank Co Ltd – A 11,531,732 223,984,498 0.75 Jiangsu Yanghe Brewery – A 358,001 35,803,039 0.12 Kweichow Moutai Co Ltd – A 407,398 221,456,664 0.75 Midea Group Co Ltd – A 2,208,118 109,486,464 0.37 New China Life Insurance C – A 500,166 29,617,145 0.10 Petrochina Co Ltd – A 3,608,009 31,963,910 0.11 Ping An Bank Co Ltd – A 6,438,398 69,648,126 0.23

CAAP – China A-Share Access Product, being a security (such as a warrant, note or participating certificate) linked to an A-Share.

152 iShares Asia Trust iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.29%) (Continued) Holdings HK$ Net Assets China (99.29%) (Continued) Listed CAAPs issued by J.P. Morgan Structured Products B.V., guaranteed by JP Morgan Chase Bank, N.A., providing exposure from the following (continued) Ping An Insurance Group Co – A 8,664,483 495,196,762 1.67 Poly Real Estate Group Co – A 5,566,000 63,929,933 0.22 Saic Motor Corp Ltd – A 2,128,735 76,146,357 0.26 Shanghai International Por – A 2,899,406 21,176,983 0.07 Shanghai Pudong Devel Bank – A 12,937,715 188,544,556 0.63 Wuliangye Yibin Co Ltd – A 1,617,700 103,730,650 0.35 4,120,045,727 13.86

CAAP – China A-Share Access Product, being a security (such as a warrant, note or participating certificate) linked to an A-Share.

iShares Asia Trust 153 iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.29%) (Continued) Holdings HK$ Net Assets China (99.29%) (Continued) Listed CAAPs issued by Macquarie Bank Ltd, providing exposure from the following Agricultural Bank of China – A 17,731,852 71,905,562 0.24 Bank of Beijing Co Ltd – A 5,356,800 56,590,110 0.19 Bank of China Ltd – A 10,584,131 45,115,208 0.15 Bank of Communications Co – A 9,541,451 67,711,310 0.23 BYD Co Ltd – A 270,000 15,536,929 0.05 China Citic Bank Corp Ltd – A 1,304,400 9,452,084 0.03 China Communications Const – A 683,402 12,510,251 0.04 China Construction Bank – A 4,569,159 32,372,561 0.11 China Everbright Bank Co – A 7,027,488 32,788,466 0.11 China Life Insurance Co – A 739,120 22,973,272 0.08 China Merchants Bank – A 5,904,549 162,641,820 0.55 China Merchants Shekou Ind – A 1,025,700 25,239,895 0.08 China Minsheng Banking – A 11,572,322 109,586,833 0.37 China National Nuclear Pow – A 1,895,400 17,053,674 0.06 China Pacific Insurance Gr – A 1,263,843 49,314,456 0.17 China Petroleum & Chemical – A 4,846,907 33,111,979 0.11 China Railway Construction – A 1,859,456 25,770,179 0.09 China Railway Group Ltd – A 2,534,170 25,311,664 0.08 China Shenhua Energy Co – A 1,020,850 26,214,276 0.09 China Shipbuilding Industr – A 4,545,247 32,517,326 0.11 China State Construction – A 6,032,971 67,277,919 0.23 Citic Securities Co – A 3,899,311 76,456,321 0.26 CRRC Corp Ltd – A 3,749,421 43,712,994 0.15 Focus Media Information Te – A 129,700 2,056,005 0.01 GF Securities Co Ltd – A 1,094,261 21,745,827 0.07 Guangzhou Automobile Group – A 165,960 4,982,459 0.02 Guotai Junan Securities Co – A 1,591,669 37,608,348 0.13 Haitong Securities Co Ltd – A 2,870,132 49,101,438 0.16 Hangzhou Hikvision Digital – A 1,224,015 45,546,517 0.15 Huatai Securities Co Ltd – A 1,267,038 26,128,140 0.09 Ind & Comm Bk of China – A 10,840,870 65,567,576 0.22 Industrial Bank Co Ltd – A 6,604,924 128,289,539 0.43 Jiangsu Yanghe Brewery – A 190,700 19,071,566 0.06 Kweichow Moutai Co Ltd – A 217,804 118,395,641 0.40 Midea Group Co Ltd – A 1,217,958 60,390,756 0.20 New China Life Insurance C – A 267,554 15,843,111 0.05 Petrochina Co Ltd – A 1,926,288 17,065,283 0.06 Ping An Bank Co Ltd – A 3,451,403 37,335,957 0.12 Ping An Insurance Group Co – A 4,628,621 264,537,207 0.89

CAAP – China A-Share Access Product, being a security (such as a warrant, note or participating certificate) linked to an A-Share.

154 iShares Asia Trust iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.29%) (Continued) Holdings HK$ Net Assets China (99.29%) (Continued) Listed CAAPs issued by Macquarie Bank Ltd, providing exposure from the following (continued) Poly Real Estate Group Co – A 2,974,200 34,161,050 0.11 Saic Motor Corp Ltd – A 1,138,697 40,731,997 0.14 Shanghai International Por – A 1,552,252 11,337,499 0.04 Shanghai Pudong Devel Bank – A 6,912,442 100,736,746 0.34 Wuliangye Yibin Co Ltd – A 864,700 55,446,556 0.19 2,217,244,307 7.46 Total CAAPs 7,549,049,299 25.39 Total investments 29,514,520,265 99.29 Other net assets 210,216,586 0.71 Net assets attributable to unitholders at 30th June 2017 29,724,736,851 100.00 Total investments, at cost 24,335,888,538

CAAP – China A-Share Access Product, being a security (such as a warrant, note or participating certificate) linked to an A-Share.

iShares Asia Trust 155 iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) For the period ended 30th June 2017

Holdings Corporate Investments 01.01.2017 Additions action Disposals 30.06.2017 Listed equities Agricultural Bank of China – A 119,135,300 93,923,100 – 66,077,703 146,980,697 Bank of Beijing Co Ltd – A 36,432,593 29,756,634 – 20,970,975 45,218,252 Bank of China Ltd – A 71,222,301 56,286,101 – 40,163,701 87,344,701 Bank of Communications Co – A 79,491,277 59,490,894 – 48,015,453 90,966,718 Bank of Shanghai Co Ltd – A – 3,878,740 – 310,600 3,568,140 Baoshan Iron & Steel Co – A – 31,003,283 – – 31,003,283 BOE Technology Group Co Lt – A – 123,165,274 – – 123,165,274 BYD Co Ltd – A 2,046,591 1,416,211 – 1,130,002 2,332,800 China Citic Bank Corp Ltd – A 9,054,588 7,760,686 – 5,231,386 11,583,888 China Communications Const – A 4,692,234 4,142,524 – 2,871,634 5,963,124 China Construction Bank – A 30,459,552 22,165,922 – 15,496,911 37,128,563 China Everbright Bank Co – A 46,985,262 37,161,213 – 26,512,334 57,634,141 China Life Insurance Co – A 4,923,371 3,520,113 – 2,467,656 5,975,828 China Merchants Bank – A 40,004,221 29,521,598 – 20,530,947 48,994,872 China Merchants Shekou Ind – A 6,918,781 5,730,437 – 4,077,821 8,571,397 China Minsheng Banking – A 77,871,014 64,700,510 – 46,552,229 96,019,295 China National Nuclear Pow – A 14,484,761 10,574,860 – 9,014,553 16,045,068 China Pacific Insurance Gr – A 8,509,871 6,242,979 – 4,336,155 10,416,695 China Petroleum & Chemical – A 32,167,500 24,725,141 – 17,465,100 39,427,541 China Railway Construction – A 14,064,821 9,951,326 – 8,108,458 15,907,689 China Railway Group Ltd – A 20,691,273 9,672,670 – 8,885,730 21,478,213 China Shenhua Energy Co – A 6,692,521 4,552,248 – 2,907,019 8,337,750 China Shipbuilding Industr – A 29,766,102 23,209,834 – 15,358,366 37,617,570 China State Construction – A 40,506,656 31,265,791 – 22,070,956 49,701,491 China United Network – A – 49,295,353 – – 49,295,353 China Yangtze Power Co Ltd – A 28,384,970 – – 4,834,400 23,550,570 Citic Securities Co – A 26,291,724 19,141,357 – 13,031,976 32,401,105 CRRC Corp Ltd – A 29,093,908 23,555,306 – 16,643,480 36,005,734 Daqin Railway Co Ltd – A 18,028,515 147,500 – 18,176,015 – Focus Media Information Te – A 1,755,082 21,994,522 – 958,398 22,791,206 GF Securities Co Ltd – A 10,248,098 5,483,153 – 4,646,962 11,084,289 Greenland Holdings Corp Lt – A 7,972,134 3,672,174 – 11,644,308 – Guangzhou Automobile Group – A 1,457,469 1,669,812 – 600,345 2,526,936 Guosen Securities Co Ltd – A 4,115,644 2,976,015 – 7,091,659 – Guotai Junan Securities Co – A 12,510,452 9,874,501 – 8,410,420 13,974,533 Haitong Securities Co Ltd – A 22,390,255 13,166,553 – 10,205,052 25,351,756 Hangzhou Hikvision Digital – A 5,989,008 6,554,488 3,460,659 3,870,498 12,133,657 Huatai Securities Co Ltd – A 8,779,186 7,245,157 – 4,972,048 11,052,295 Ind & Comm Bk of China – A 72,807,041 54,953,454 – 37,927,141 89,833,354 Industrial Bank Co Ltd – A 54,467,409 41,128,015 – 32,650,554 62,944,870 Jiangsu Hengrui Medicine C – A – 7,166,139 – – 7,166,139

156 iShares Asia Trust iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Jiangsu Yanghe Brewery – A 1,231,336 1,431,598 – 692,402 1,970,532 Kweichow Moutai Co Ltd – A 1,552,137 999,581 – 694,179 1,857,539 Midea Group Co Ltd – A 16,064,638 5,875,698 – 4,971,187 16,969,149 New China Life Insurance C – A 1,909,074 1,584,604 – 1,091,241 2,402,437 Petrochina Co Ltd – A 13,608,059 9,864,812 – 6,590,804 16,882,067 Ping An Bank Co Ltd – A 26,947,712 17,131,456 – 13,529,552 30,549,616 Ping An Insurance Group Co – A 32,530,686 22,020,374 – 15,275,674 39,275,386 Poly Real Estate Group Co – A 19,926,708 17,886,474 – 13,675,626 24,137,556 Saic Motor Corp Ltd – A 7,772,837 6,344,762 – 4,177,952 9,939,647 Shanghai International Por – A 12,913,773 6,699,370 – 4,705,570 14,907,573 Shanghai Pudong Devel Bank – A 35,800,140 24,058,316 13,565,619 16,033,329 57,390,746 Shanghai RAAS Blood Produc – A 2,599,753 21,700 – 2,621,453 – Shenwan Hongyuan Group Co – A 18,904,149 14,328,213 – 33,232,362 – Wuliangye Yibin Co Ltd – A 5,897,724 4,609,864 – 3,374,427 7,133,161

iShares Asia Trust 157 iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed CAAPs issued by Citigroup Global Markets Holdings Inc. Agricultural Bank of China – A 10,091,244 – – 10,091,244 – Bank of Beijing Co Ltd – A 3,089,940 – – 3,089,940 – Bank of China Ltd – A 6,026,119 – – 6,026,119 – Bank of Communications Co – A 5,724,043 – – 5,724,043 – BYD Co Ltd – A 159,000 – – 159,000 – China Citic Bank Corp Ltd – A 763,226 – – 763,226 – China Communications Const – A 397,480 – – 397,480 – China Construction Bank – A 2,575,789 – – 2,575,789 – China Everbright Bank Co – A 3,974,972 – – 3,974,972 – China Life Insurance Co – A 422,238 – – 422,238 – China Merchants Bank – A 3,381,374 – – 3,381,374 – China Merchants Shekou Ind – A 596,800 – – 596,800 – China Minsheng Banking – A 6,587,943 – – 6,587,943 – China National Nuclear Pow – A 1,107,700 – – 1,107,700 – China Pacific Insurance Gr – A 720,750 – – 720,750 – China Petroleum & Chemical – A 2,718,870 – – 2,718,870 – China Railway Construction – A 1,075,926 – – 1,075,926 – China Railway Group Ltd – A 1,589,951 – – 1,589,951 – China Shenhua Energy Co – A 570,292 – – 570,292 – China Shipbuilding Industr – A 2,517,478 – – 2,517,478 – China State Construction – A 3,434,400 – – 3,434,400 – Citic Securities Co – A 2,220,692 – – 2,220,692 – CRRC Corp Ltd – A 2,231,251 – – 2,231,251 – Daqin Railway Co Ltd – A 1,543,112 – – 1,543,112 – Focus Media Information Te – A 153,700 – – 153,700 – GF Securities Co Ltd – A 671,043 – – 671,043 – Greenland Holdings Corp Lt – A 391,900 – – 391,900 – Guangzhou Automobile Group – A 100,700 – – 100,700 – Guosen Securities Co Ltd – A 344,486 – – 344,486 – Guotai Junan Securities Co – A 954,000 – – 954,000 – Haitong Securities Co Ltd – A 1,717,235 – – 1,717,235 – Hangzhou Hikvision Digital – A 459,018 – 73,809 532,827 – Huatai Securities Co Ltd – A 747,332 – – 747,332 – Ind & Comm Bk of China – A 6,169,186 – – 6,169,186 – Industrial Bank Co Ltd – A 3,921,954 – – 3,921,954 – Jiangsu Yanghe Brewery – A 106,000 – – 106,000 – Kweichow Moutai Co Ltd – A 127,238 – – 127,238 – Midea Group Co Ltd – A 766,093 – – 766,093 – New China Life Insurance C – A 158,991 – – 158,991 – Petrochina Co Ltd – A 1,174,213 – – 1,174,213 –

158 iShares Asia Trust iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed CAAPs issued by Citigroup Global Markets Holdings Inc. (Continued) Ping An Bank Co Ltd – A 2,061,653 – – 2,061,653 – Ping An Insurance Group Co – A 2,634,101 – – 2,634,101 – Poly Real Estate Group Co – A 1,685,400 – – 1,685,400 – Saic Motor Corp Ltd – A 662,533 – – 662,533 – Shanghai International Por – A 898,873 – – 898,873 – Shanghai Pudong Devel Bank – A 3,026,310 – – 3,026,310 – Shanghai RAAS Blood Produc – A 222,600 – – 222,600 – Shenwan Hongyuan Group Co – A 1,633,190 – – 1,633,190 – Wuliangye Yibin Co Ltd – A 498,200 – – 498,200 –

iShares Asia Trust 159 iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed CAAPs issued by Credit Suisse AG, Nassau Branch Agricultural Bank of China – A 10,471,968 – – 6,004,800 4,467,168 Bank of Beijing Co Ltd – A 3,206,520 – – 1,861,800 1,344,720 Bank of China Ltd – A 6,253,470 – – 3,588,000 2,665,470 Bank of Communications Co – A 5,940,043 – – 3,593,955 2,346,088 BYD Co Ltd – A 165,000 – – 94,600 70,400 China Citic Bank Corp Ltd – A 791,955 – – 465,500 326,455 China Communications Const – A 412,528 – – 241,900 170,628 China Construction Bank – A 2,672,991 – – 1,516,100 1,156,891 China Everbright Bank Co – A 4,125,040 – – 2,350,900 1,774,140 China Life Insurance Co – A 439,711 – – 248,900 190,811 China Merchants Bank – A 3,509,035 – – 2,023,300 1,485,735 China Merchants Shekou Ind – A 620,900 – – 357,200 263,700 China Minsheng Banking – A 6,836,499 – – 3,923,000 2,913,499 China National Nuclear Pow – A 1,149,500 – – 674,900 474,600 China Pacific Insurance Gr – A 747,969 – – 429,500 318,469 China Petroleum & Chemical – A 2,821,496 – – 1,594,400 1,227,096 China Railway Construction – A 1,116,525 – – 653,200 463,325 China Railway Group Ltd – A 1,650,035 – – 1,018,400 631,635 China Shenhua Energy Co – A 593,357 – – 331,000 262,357 China Shipbuilding Industr – A 2,612,485 – – 1,467,700 1,144,785 China State Construction – A 3,564,015 – – 2,043,500 1,520,515 Citic Securities Co – A 2,304,524 – – 1,323,800 980,724 CRRC Corp Ltd – A 2,315,492 – – 1,422,798 892,694 Daqin Railway Co Ltd – A 1,604,536 – – 1,604,536 – Focus Media Information Te – A 159,500 – – 110,000 49,500 GF Securities Co Ltd – A 697,908 – – 445,251 252,657 Greenland Holdings Corp Lt – A 406,700 – – 406,700 – Guangzhou Automobile Group – A 104,500 – – 66,800 37,700 Guosen Securities Co Ltd – A 357,546 – – 357,546 – Guotai Junan Securities Co – A 990,000 – – 599,602 390,398 Haitong Securities Co Ltd – A 1,781,968 – – 1,079,914 702,054 Hangzhou Hikvision Digital – A 477,915 – 154,407 319,100 313,222 Huatai Securities Co Ltd – A 775,453 – – 462,600 312,853 Ind & Comm Bk of China – A 6,402,001 – – 3,670,800 2,731,201 Industrial Bank Co Ltd – A 4,070,039 – – 2,445,052 1,624,987 Jiangsu Yanghe Brewery – A 110,000 – – 60,700 49,300 Kweichow Moutai Co Ltd – A 131,965 – – 78,000 53,965 Midea Group Co Ltd – A 796,570 – – 572,327 224,243 New China Life Insurance C – A 165,017 – – 99,900 65,117 Petrochina Co Ltd – A 1,220,118 – – 739,500 480,618

160 iShares Asia Trust iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed CAAPs issued by Credit Suisse AG, Nassau Branch (Continued) Ping An Bank Co Ltd – A 2,139,453 – – 1,296,192 843,261 Ping An Insurance Group Co – A 2,733,527 – – 1,567,700 1,165,827 Poly Real Estate Group Co – A 1,749,000 – – 996,600 752,400 Saic Motor Corp Ltd – A 687,507 – – 408,100 279,407 Shanghai International Por – A 934,355 – – 555,800 378,555 Shanghai Pudong Devel Bank – A 3,140,543 – 612,372 2,013,000 1,739,915 Shanghai RAAS Blood Produc – A 231,000 – – 231,000 – Shenwan Hongyuan Group Co – A 1,697,970 – – 1,697,970 – Wuliangye Yibin Co Ltd – A 517,000 – – 299,900 217,100

iShares Asia Trust 161 iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed CAAPs issued by HSBC Bank plc Agricultural Bank of China – A 20,943,974 – – 14,695,655 6,248,319 Bank of Beijing Co Ltd – A 6,412,980 – – 4,520,873 1,892,107 Bank of China Ltd – A 12,507,047 – – 8,778,895 3,728,152 BYD Co Ltd – A 328,800 – – 278,105 50,695 China Citic Bank Corp Ltd – A 1,584,004 – – 1,122,787 461,217 China Communications Const – A 824,988 – – 582,874 242,114 China Construction Bank – A 5,345,982 – – 3,739,584 1,606,398 China Everbright Bank Co – A 8,249,965 – – 5,777,501 2,472,464 China Life Insurance Co – A 876,888 – – 613,480 263,408 China Merchants Bank – A 7,017,954 – – 4,935,783 2,082,171 China Merchants Shekou Ind – A 1,239,200 – – 872,997 366,203 China Minsheng Banking – A 13,672,997 – – 9,596,201 4,076,796 China National Nuclear Pow – A 2,299,000 – – 1,630,021 668,979 China Pacific Insurance Gr – A 1,496,027 – – 1,049,977 446,050 China Petroleum & Chemical – A 5,642,994 – – 3,940,150 1,702,844 China Railway Construction – A 2,233,007 – – 1,577,695 655,312 China Railway Group Ltd – A 3,299,990 – – 2,392,947 907,043 China Shenhua Energy Co – A 1,182,988 – – 704,094 478,894 China Shipbuilding Industr – A 5,224,958 – – 3,113,984 2,110,974 China State Construction – A 7,127,999 – – 5,001,242 2,126,757 Citic Securities Co – A 4,609,031 – – 3,236,329 1,372,702 CRRC Corp Ltd – A 4,630,981 – – 3,314,063 1,316,918 Daqin Railway Co Ltd – A 3,201,275 – – 3,201,275 – Focus Media Information Te – A 319,000 – – 264,230 54,770 GF Securities Co Ltd – A 1,392,047 – – 1,024,968 367,079 Greenland Holdings Corp Lt – A 812,100 – – 812,100 – Guangzhou Automobile Group – A 209,000 – – 152,958 56,042 Guosen Securities Co Ltd – A 715,007 – – 715,007 – Guotai Junan Securities Co – A 1,980,000 – – 1,420,370 559,630 Haitong Securities Co Ltd – A 3,564,012 – – 2,556,499 1,007,513 Hangzhou Hikvision Digital – A 953,151 – 116,758 805,494 264,415 Huatai Securities Co Ltd – A 1,551,022 – – 1,101,119 449,903 Ind & Comm Bk of China – A 12,804,028 – – 8,983,682 3,820,346 Jiangsu Yanghe Brewery – A 220,000 – – 180,718 39,282 Kweichow Moutai Co Ltd – A 264,027 – – 186,899 77,128 Midea Group Co Ltd – A 1,589,340 – – 1,236,832 352,508 New China Life Insurance C – A 329,998 – – 234,841 95,157 Petrochina Co Ltd – A 2,435,145 – – 1,740,757 694,388 Ping An Bank Co Ltd – A 4,279,018 – – 3,067,190 1,211,828 Ping An Insurance Group Co – A 4,011,827 – – 3,081,602 930,225 Poly Real Estate Group Co – A 3,498,000 – – 2,450,747 1,047,253

162 iShares Asia Trust iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed CAAPs issued by HSBC Bank plc (Continued) Saic Motor Corp Ltd – A 1,375,023 – – 971,568 403,455 Shanghai International Por – A 1,865,001 – – 1,753,027 111,974 Shanghai Pudong Devel Bank – A 6,281,009 – 761,253 4,607,427 2,434,835 Shanghai RAAS Blood Produc – A 462,000 – – 462,000 – Shenwan Hongyuan Group Co – A 3,388,330 – – 3,388,330 – Wuliangye Yibin Co Ltd – A 1,034,000 – – 728,213 305,787

iShares Asia Trust 163 iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed CAAPs issued by J.P. Morgan Structured Products B.V., guaranteed by JP Morgan Chase Bank, N.A. Agricultural Bank of China – A 56,167,996 – – 22,977,800 33,190,196 Bank of Beijing Co Ltd – A 17,198,540 – – 7,172,600 10,025,940 Bank of China Ltd – A 33,541,475 – – 13,729,800 19,811,675 Bank of Communications Co – A 31,860,046 – – 15,215,156 16,644,890 BYD Co Ltd – A 878,000 – – 371,200 506,800 China Citic Bank Corp Ltd – A 4,248,000 – – 1,811,300 2,436,700 China Communications Const – A 2,212,526 – – 935,300 1,277,226 China Construction Bank – A 14,337,045 – – 5,785,400 8,551,645 China Everbright Bank Co – A 22,125,049 – – 8,971,300 13,153,749 China Life Insurance Co – A 2,341,410 – – 956,000 1,385,410 China Merchants Bank – A 18,820,957 – – 7,771,000 11,049,957 China Merchants Shekou Ind – A 3,305,700 – – 1,383,700 1,922,000 China Minsheng Banking – A 36,668,492 – – 15,007,900 21,660,592 China National Nuclear Pow – A 6,165,500 – – 2,620,500 3,545,000 China Pacific Insurance Gr – A 4,012,000 – – 1,646,800 2,365,200 China Petroleum & Chemical – A 15,133,513 – – 6,061,500 9,072,013 China Railway Construction – A 5,988,467 – – 2,511,400 3,477,067 China Railway Group Ltd – A 8,849,973 – – 4,116,000 4,733,973 China Shenhua Energy Co – A 3,159,236 – – 1,245,300 1,913,936 China Shipbuilding Industr – A 14,012,517 – – 5,502,300 8,510,217 China State Construction – A 19,116,008 – – 7,823,000 11,293,008 Citic Securities Co – A 12,360,534 – – 5,061,500 7,299,034 CRRC Corp Ltd – A 12,419,530 – – 5,434,721 6,984,809 Daqin Railway Co Ltd – A 8,542,570 – – 8,542,570 – GF Securities Co Ltd – A 3,715,921 – – 1,689,848 2,026,073 Greenland Holdings Corp Lt – A 2,165,600 – – 2,165,600 – Guangzhou Automobile Group – A 556,700 – – 248,500 308,200 Guosen Securities Co Ltd – A 1,917,488 – – 1,917,488 – Guotai Junan Securities Co – A 5,310,000 – – 2,340,318 2,969,682 Haitong Securities Co Ltd – A 9,557,965 – – 4,204,201 5,353,764 Hangzhou Hikvision Digital – A 2,543,880 – 764,690 1,014,500 2,294,070 Focus Media Information Te – A 849,700 – – 605,100 244,600 Huatai Securities Co Ltd – A 4,159,495 – – 1,789,300 2,370,195 Ind & Comm Bk of China – A 34,337,954 – – 14,046,100 20,291,854 Industrial Bank Co Ltd – A 21,829,996 – – 10,298,264 11,531,732 Jiangsu Yanghe Brewery – A 586,001 – – 228,000 358,001 Kweichow Moutai Co Ltd – A 707,998 – – 300,600 407,398 Midea Group Co Ltd – A 4,240,741 – – 2,032,623 2,208,118

164 iShares Asia Trust iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed CAAPs issued by J.P. Morgan Structured Products B.V., guaranteed by JP Morgan Chase Bank, N.A. (Continued) New China Life Insurance C – A 884,966 – – 384,800 500,166 Petrochina Co Ltd – A 6,496,809 – – 2,888,800 3,608,009 Ping An Bank Co Ltd – A 11,475,491 – – 5,037,093 6,438,398 Ping An Insurance Group Co – A 14,661,483 – – 5,997,000 8,664,483 Poly Real Estate Group Co – A 9,381,000 – – 3,815,000 5,566,000 Saic Motor Corp Ltd – A 3,687,535 – – 1,558,800 2,128,735 Shanghai International Por – A 4,975,806 – – 2,076,400 2,899,406 Shanghai Pudong Devel Bank – A 16,844,512 – 3,067,503 6,974,300 12,937,715 Shanghai RAAS Blood Produc – A 1,239,000 – – 1,239,000 – Shenwan Hongyuan Group Co – A 9,040,665 – – 9,040,665 – Wuliangye Yibin Co Ltd – A 2,773,000 – – 1,155,300 1,617,700

iShares Asia Trust 165 iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed CAAPs issued by Macquarie Bank Ltd Agricultural Bank of China – A 23,990,352 – – 6,258,500 17,731,852 Bank of Beijing Co Ltd – A 7,345,800 – – 1,989,000 5,356,800 Bank of China Ltd – A 14,326,231 – – 3,742,100 10,584,131 Bank of Communications Co – A 13,608,001 – – 4,066,550 9,541,451 BYD Co Ltd – A 375,000 – – 105,000 270,000 China Citic Bank Corp Ltd – A 1,814,400 – – 510,000 1,304,400 China Communications Const – A 945,002 – – 261,600 683,402 China Construction Bank – A 6,123,559 – – 1,554,400 4,569,159 China Everbright Bank Co – A 9,449,988 – – 2,422,500 7,027,488 China Life Insurance Co – A 999,320 – – 260,200 739,120 China Merchants Bank – A 8,038,849 – – 2,134,300 5,904,549 China Merchants Shekou Ind – A 1,411,100 – – 385,400 1,025,700 China Minsheng Banking – A 15,661,822 – – 4,089,500 11,572,322 China National Nuclear Pow – A 2,633,400 – – 738,000 1,895,400 China Pacific Insurance Gr – A 1,713,643 – – 449,800 1,263,843 China Petroleum & Chemical – A 6,463,807 – – 1,616,900 4,846,907 China Railway Construction – A 2,557,756 – – 698,300 1,859,456 China Railway Group Ltd – A 3,779,970 – – 1,245,800 2,534,170 China Shenhua Energy Co – A 1,348,550 – – 327,700 1,020,850 China Shipbuilding Industr – A 5,985,047 – – 1,439,800 4,545,247 China State Construction – A 8,164,771 – – 2,131,800 6,032,971 Citic Securities Co – A 5,279,411 – – 1,380,100 3,899,311 CRRC Corp Ltd – A 5,304,621 – – 1,555,200 3,749,421 Daqin Railway Co Ltd – A 3,646,523 – – 3,646,523 – Focus Media Information Te – A 362,500 – – 232,800 129,700 GF Securities Co Ltd – A 1,586,091 – – 491,830 1,094,261 Greenland Holdings Corp Lt – A 924,300 – – 924,300 – Guangzhou Automobile Group – A 237,500 – – 71,540 165,960 Guosen Securities Co Ltd – A 819,039 – – 819,039 – Guotai Junan Securities Co – A 2,268,000 – – 676,331 1,591,669 Haitong Securities Co Ltd – A 4,082,424 – – 1,212,292 2,870,132 Hangzhou Hikvision Digital – A 1,086,110 – 408,005 270,100 1,224,015 Huatai Securities Co Ltd – A 1,776,570 – – 509,532 1,267,038 Ind & Comm Bk of China – A 14,666,370 – – 3,825,500 10,840,870 Industrial Bank Co Ltd – A 9,323,951 – – 2,719,027 6,604,924 Jiangsu Yanghe Brewery – A 250,000 – – 59,300 190,700 Kweichow Moutai Co Ltd – A 302,404 – – 84,600 217,804 Midea Group Co Ltd – A 1,810,363 – – 592,405 1,217,958 New China Life Insurance C – A 377,954 – – 110,400 267,554 Petrochina Co Ltd – A 2,772,901 – – 846,613 1,926,288

166 iShares Asia Trust iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed CAAPs issued by Macquarie Bank Ltd (Continued) Ping An Bank Co Ltd – A 4,901,390 – – 1,449,987 3,451,403 Ping An Insurance Group Co – A 6,262,221 – – 1,633,600 4,628,621 Poly Real Estate Group Co – A 4,006,800 – – 1,032,600 2,974,200 Saic Motor Corp Ltd – A 1,574,997 – – 436,300 1,138,697 Shanghai International Por – A 2,123,586 – – 571,334 1,552,252 Shanghai Pudong Devel Bank – A 7,194,633 – 1,638,309 1,920,500 6,912,442 Shanghai RAAS Blood Produc – A 529,200 – – 529,200 – Shenwan Hongyuan Group Co – A 3,859,000 – – 3,859,000 – Wuliangye Yibin Co Ltd – A 1,184,400 – – 319,700 864,700

iShares Asia Trust 167 iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed CAAPs issued by UBS AG London Branch Agricultural Bank of China – A 12,566,389 – – 12,566,389 – Bank of Beijing Co Ltd – A 3,847,800 – – 3,847,800 – Bank of China Ltd – A 7,504,186 – – 7,504,186 – Bank of Communications Co – A 7,127,952 – – 7,127,952 – China Citic Bank Corp Ltd – A 950,437 – – 950,437 – China Communications Const – A 495,022 – – 495,022 – China Construction Bank – A 3,207,588 – – 3,207,588 – China Everbright Bank Co – A 4,950,001 – – 4,950,001 – China Life Insurance Co – A 524,721 – – 524,721 – China Merchants Bank – A 4,210,837 – – 4,210,837 – China Merchants Shekou Ind – A 739,200 – – 739,200 – China Minsheng Banking – A 8,203,831 – – 8,203,831 – China Pacific Insurance Gr – A 897,584 – – 897,584 – China Petroleum & Chemical – A 3,385,774 – – 3,385,774 – China Shenhua Energy Co – A 706,178 – – 706,178 – China Shipbuilding Industr – A 3,134,992 – – 3,134,992 – China State Construction – A 4,276,803 – – 4,276,803 – Citic Securities Co – A 2,765,360 – – 2,765,360 – Daqin Railway Co Ltd – A 1,910,710 – – 1,910,710 – Focus Media Information Te – A 191,400 – – 191,400 – Greenland Holdings Corp Lt – A 485,100 – – 485,100 – Guangzhou Automobile Group – A 125,400 – – 125,400 – Guosen Securities Co Ltd – A 428,953 – – 428,953 – Huatai Securities Co Ltd – A 930,608 – – 930,608 – Ind & Comm Bk of China – A 7,682,436 – – 7,682,436 – Industrial Bank Co Ltd – A 4,883,957 – – 4,883,957 – Jiangsu Yanghe Brewery – A 132,000 – – 132,000 – Kweichow Moutai Co Ltd – A 158,433 – – 158,433 – New China Life Insurance C – A 197,969 – – 197,969 – Petrochina Co Ltd – A 1,455,259 – – 1,455,259 – Ping An Insurance Group Co – A 3,280,155 – – 3,280,155 – Poly Real Estate Group Co – A 2,098,800 – – 2,098,800 – Saic Motor Corp Ltd – A 824,997 – – 824,997 – Shanghai Pudong Devel Bank – A 3,768,595 – – 3,768,595 – Shanghai RAAS Blood Produc – A 277,200 – – 277,200 – Shenwan Hongyuan Group Co – A 2,022,875 – – 2,022,875 – Wuliangye Yibin Co Ltd – A 620,400 – – 620,400 –

168 iShares Asia Trust iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Holdings of Collateral (unaudited) As at 30th June 2017

Credit rating of % of net asset the collateral Nature of the value covered Value of the Collateral provider provider1 collateral by collateral collateral HK$ Credit Suisse Securities (Europe) Limited A Listed equities 2.24% 664,250,883 Fixed income securities 0.00% 499 HSBC Bank plc AA- Listed equities 0.57% 169,265,507 Fixed income securities 1.88% 558,725,516 J.P. Morgan Securities plc, guaranteed by JP Morgan Chase Bank, N.A. A+ Listed equities 8.32% 2,473,672,532 Fixed income securities 7.26% 2,159,143,211 Macquarie Bank Ltd A Listed equities 6.27% 1,861,969,565 Fixed income securities 2.36% 702,696,519 28.90% 8,589,724,232

1 Credit ratings of senior long-term debt by Standard & Poor’s Rating Services

iShares Asia Trust 169 iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Holdings of Collateral (unaudited) (Continued) As at 30th June 2017

Credit Rating of fixed income collateral

% of net asset Rating Credit value covered Value of the Collateral provider Agencies Rating by collateral collateral HK$ Credit Suisse Securities (Europe) Limited Moody’s2 Aa1 0.00% 74 Aa2 0.00% 425 HSBC Bank plc Moody’s2 Aaa 0.39% 116,281,556 Aa1 1.47% 435,298,707 Aa2 0.02% 7,145,253 J.P. Morgan Securities plc, guaranteed by JP Morgan Chase Bank, N.A. Moody’s2 Aaa 2.76% 821,954,075 Aa1 0.02% 6,354,358 Aa2 4.48% 1,330,834,778 Macquarie Bank Limited Moody’s2 Aaa 1.24% 370,514,597 Aa1 0.68% 201,327,421 Aa2 0.44% 130,854,501 11.50% 3,420,565,745

2 Credit ratings of long-term debt by Moody’s Rating Services

170 iShares Asia Trust iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (a Sub-Fund of iShares Asia Trust) Performance Record (unaudited)

Net Asset Value

Dealing Dealing Net asset value Net asset value per unit of the Sub-Fund HK$ HK$ At end of financial period dated 31st December 2015 12.24 42,960,355,219 31st December 2016 10.86 28,814,166,352 30th June 2017 12.82 29,724,736,020

Highest and lowest net asset value per unit

Highest net asset Lowest net asset value per unit value per unit HK$ HK$ Financial period ended 31st December 2008 26.54 7.64 31st December 2009 16.49 8.39 31st December 2010 14.69 10.46 31st December 2011 12.73 9.45 31st December 2012 10.85 8.79 31st December 2013 11.55 8.53 31st December 2014 14.00 7.84 31st December 2015 18.18 9.99 31st December 2016 11.99 9.70 30th June 2017 12.82 10.94

iShares Asia Trust 171 iShares Core S&P BSE SENSEX India Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) As at 30th June 2017

Fair value % of Investments (99.85%) Holdings HK$ Net Assets India (99.85%) Investment Fund iShares BSE SENSEX Mauritius Company 43,354,310 1,004,436,990 99.85 Total investments 1,004,436,990 99.85 Other net assets 1,557,897 0.15 Net assets attributable to unitholders at 30th June 2017 1,005,994,887 100.00 Total investments, at cost 676,029,438

172 iShares Asia Trust iShares Core S&P BSE SENSEX India Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio of iShares BSE SENSEX Mauritius Company (unaudited) As at 30th June 2017

Fair value % of Investments (99.47%) Holdings HK$ Net Assets INDIA (99.47%) Listed Equities Adani Ports and Special Econ 251,362 11,003,143 1.09 Asian Paints Ltd 127,182 16,959,879 1.69 Axis Bank Ltd 472,096 29,426,134 2.93 Bajaj Auto Ltd 38,449 12,957,944 1.29 Bharti Airtel Ltd 371,737 17,022,208 1.69 Cipla Ltd 142,953 9,570,758 0.95 Coal India Ltd 350,576 10,339,437 1.03 Dr. Reddy’s Laboratories 34,532 11,188,060 1.11 HDFC Bank Limited 570,896 113,920,477 11.34 Hero Motocorp Ltd 36,033 16,087,319 1.60 Hindustan Unilever Ltd 201,303 26,295,774 2.62 Housing Development Finance 448,352 87,523,273 8.71 ICICI Bank Ltd 1,800,440 63,080,542 6.28 Infosys Ltd 561,120 63,407,146 6.31 ITC Ltd 2,389,896 93,474,239 9.31 Kotak Mahindra Bank Ltd 306,013 35,311,558 3.52 Larsen & Toubro Ltd 226,041 46,076,262 4.59 Lupin Ltd 67,521 8,647,242 0.86 Mahindra & Mahindra Ltd 131,403 21,387,077 2.13 Maruti Suzuki India Ltd 37,480 32,672,283 3.25 NTPC Ltd 697,404 13,345,834 1.33 Oil & Natural Gas Corp Ltd 760,282 14,443,501 1.44 Power Grid Corp of India Ltd 618,695 15,732,614 1.57 Reliance Industries Ltd 467,253 77,889,495 7.75 State Bank of India 964,132 31,858,229 3.17 Sun Pharmaceutical Indus 303,986 20,357,487 2.03 Tata Consultancy Svcs Ltd 149,096 42,574,229 4.24 Tata Motors Ltd 545,327 28,484,732 2.84 Tata Motors Ltd – A-Dvr 142,019 4,516,129 0.45 Tata Steel Ltd 189,128 12,433,777 1.24 Wipro Ltd 356,839 11,151,202 1.11 Total investments 999,137,984 99.47 Other net assets 5,300,037 0.53 Net assets attributable to unitholders at 30th June 2017 1,004,438,021 100.00

iShares Asia Trust 173 iShares Core S&P BSE SENSEX India Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) For the period ended 30th June 2017

Holdings Corporate Investments 01.01.2017 Additions action Disposals 30.06.2017 Investment Fund iShares BSE SENSEX Mauritius Company 42,499,125 3,581,831 – 2,726,646 43,354,310

174 iShares Asia Trust iShares Core S&P BSE SENSEX India Index ETF (a Sub-Fund of iShares Asia Trust) Performance Record (unaudited)

Net Asset Value

Dealing Dealing Net asset value Net asset value per unit of the Sub-Fund HK$ HK$ At end of financial period dated 31st December 2015 17.77 828,098,456 31st December 2016 17.77 799,612,920 30th June 2017 21.87 1,005,994,887

Highest and lowest net asset value per unit

Highest net asset Lowest net asset value per unit value per unit HK$ HK$ Financial period ended 31st December 2008 23.87 7.54 31st December 2009 16.54 6.98 31st December 2010 20.86 14.92 31st December 2011 20.29 12.69 31st December 2012 16.57 12.58 31st December 2013 16.58 11.80 31st December 2014 20.75 14.43 31st December 2015 21.59 16.80 31st December 2016 19.82 15.09 30th June 2017 22.18 17.67

iShares Asia Trust 175 iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) As at 30th June 2017

Fair value % of Investments (99.51%) Holdings HK$ Net Assets Listed Equities (89.42%) China (36.72%) 3Sbio Inc 217,600 2,254,336 0.03 58.Com Inc – ADR 16,879 5,812,157 0.09 AAC Technologies Holdings In 148,964 14,538,886 0.21 Agricultural Bank of China – H 5,278,599 19,478,030 0.28 AIA Group Ltd 2,569,194 146,572,518 2.14 Air China Ltd – H 411,956 3,316,246 0.05 Alibaba Group Holding – SP ADR 240,288 264,299,693 3.86 Alibaba Health Information T 573,889 2,134,867 0.03 Alibaba Pictures Group Ltd 2,304,547 2,995,911 0.04 Aluminum Corp of China Ltd – H 921,732 3,686,928 0.05 Anhui Conch Cement Co Ltd – H 266,023 7,222,524 0.11 Anta Sports Products Ltd 230,231 5,939,960 0.09 Asm Pacific Technology 57,331 6,048,421 0.09 Autohome Inc – ADR 11,158 3,951,054 0.06 Avichina Industry & Tech – H 461,135 2,111,998 0.03 Baidu Inc – Spon ADR 58,782 82,075,052 1.20 Bank of China Ltd – H 17,181,038 65,803,376 0.96 Bank of Communications Co – H 1,924,466 10,603,808 0.16 Bank of East Asia Ltd 254,483 8,537,905 0.12 Beijing Capital Intl Airpo – H 344,658 3,791,238 0.06 Beijing Enterprises Hldgs 115,469 4,347,408 0.06 Beijing Enterprises Water Gr 880,274 5,334,460 0.08 Belle International Holdings 1,454,183 8,957,767 0.13 BOC Hong Kong Holdings Ltd 795,392 29,707,891 0.43 Brilliance China Automotive 689,858 9,809,781 0.14 BYD Co Ltd – H 143,431 6,870,345 0.10 CGN Power Co Ltd – H 2,165,841 4,721,533 0.07 China Cinda Asset Manageme – H 1,871,115 5,444,945 0.08 China Citic Bank Corp Ltd – H 1,959,357 9,365,726 0.14 China Coal Energy Co – H 268,509 1,014,964 0.01 China Communications Const – H 870,813 8,760,379 0.13 China Communications Servi – H 573,889 2,582,501 0.04 China Conch Venture Holdings 291,858 4,173,569 0.06 China Construction Bank – H 18,016,528 108,999,994 1.59 China Everbright Bank Co L – H 665,925 2,430,626 0.04 China Everbright Intl Ltd 451,830 4,400,824 0.06 China Everbright Ltd 200,017 3,400,289 0.05 China Evergrande Group 909,587 12,752,410 0.19 China Galaxy Securities Co – H 621,079 4,347,553 0.06 China Gas Holdings Ltd 360,141 5,675,822 0.08 China Huarong Asset Manage – H 1,099,582 3,331,733 0.05

176 iShares Asia Trust iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.51%) (Continued) Holdings HK$ Net Assets Listed Equities (89.42%) (Continued) China (36.72%) (Continued) China Huishan Dairy Holdings 519,823 5 0.00 China Jinmao Holdings Group 805,827 2,594,763 0.04 China Life Insurance Co – H 1,606,180 38,307,393 0.56 China Longyuan Power Group – H 748,096 4,249,185 0.06 China Medical System Holding 287,027 3,874,865 0.06 China Mengniu Dairy Co 590,768 9,038,750 0.13 China Merchants Bank – H 824,317 19,412,665 0.28 China Merchants Port Holding 299,071 6,474,887 0.09 China Minsheng Banking – H 1,301,814 10,141,131 0.15 China Mobile Ltd 1,322,668 109,583,044 1.60 China National Building Ma – H 689,858 3,200,941 0.05 China Oilfield Services – H 390,947 2,447,328 0.04 China Overseas Land & Invest 789,564 18,041,537 0.26 China Pacific Insurance Gr – H 567,479 18,102,580 0.26 China Petroleum & Chemical – H 5,486,343 33,411,829 0.49 China Power International 748,096 2,072,226 0.03 China Railway Construction – H 428,292 4,360,013 0.06 China Railway Group Ltd – H 850,827 5,232,586 0.08 China Resources Beer Holdin 356,600 7,025,020 0.10 China Resources Gas Group Lt 179,989 4,796,707 0.07 China Resources Land Ltd 560,098 12,742,230 0.19 China Resources Power Holdin 421,933 6,464,014 0.09 China Shenhua Energy Co – H 740,089 12,862,747 0.19 China Southern Airlines Co – H 464,673 3,066,842 0.04 China State Construction Int 344,658 4,604,631 0.07 China Taiping Insurance Hold 351,339 6,949,485 0.10 China Telecom Corp Ltd – H 2,880,991 10,688,477 0.16 China Unicom Hong Kong Ltd 1,267,823 14,706,747 0.21 China Vanke Co Ltd – H 281,791 6,227,581 0.09 Chongqing Changan Automobi – B 178,921 1,842,886 0.03 Chongqing Rural Commercial – H 541,501 2,853,710 0.04 Citic Ltd 1,242,479 14,586,703 0.21 Citic Securities Co Ltd – H 464,800 7,501,872 0.11 CLP Holdings Ltd 354,776 29,304,498 0.43 CNOOC Ltd 3,843,277 32,860,018 0.48 Cosco Shipping Ports Ltd 344,674 3,157,214 0.05 Country Garden Holdings Co 1,221,872 11,057,942 0.16 CRRC Corp Ltd – H 884,108 6,206,438 0.09 CSPC Pharmaceutical Group Lt 805,827 9,186,428 0.13 Ctrip.Com International – ADR 81,436 34,240,206 0.50 Dongfeng Motor Grp Co Ltd – H 573,908 5,297,171 0.08

iShares Asia Trust 177 iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.51%) (Continued) Holdings HK$ Net Assets Listed Equities (89.42%) (Continued) China (36.72%) (Continued) ENN Energy Holdings Ltd 158,849 7,481,788 0.11 Far East Horizon Ltd 402,831 2,743,279 0.04 Fosun International Ltd 512,399 6,251,268 0.09 Fullshare Holdings Ltd 1,474,792 4,601,351 0.07 Fuyao Glass Industry Group – H 103,720 3,101,228 0.05 GCL-Poly Energy Holdings Ltd 2,650,707 2,253,101 0.03 Geely Automobile Holdings Lt 1,036,110 17,448,092 0.26 GF Securities Co Ltd – H 311,080 4,877,734 0.07 Gome Electrical Appliances 2,904,372 2,788,197 0.04 Great Wall Motor Company – H 605,100 5,833,164 0.09 Guangdong Investment Ltd 599,858 6,454,472 0.09 Guangzhou Automobile Group – H 442,589 6,063,469 0.09 Guangzhou R&F Properties – H 207,415 2,518,018 0.04 Haier Electronics Group Co 287,027 5,826,648 0.09 Haitian International Hldgs 115,714 2,534,137 0.04 Haitong Securities Co Ltd – H 651,952 8,227,634 0.12 Hang Lung Group Ltd 190,620 6,157,026 0.09 Hang Seng Bank Ltd 164,461 26,856,481 0.39 Hengan Intl Group Co Ltd 155,650 8,965,440 0.13 Hong Kong & China Gas 1,806,774 26,523,442 0.39 Huaneng Power Intl Inc – H 805,827 4,367,582 0.06 Huaneng Renewables Corp – H 921,732 2,221,374 0.03 Huatai Securities Co Ltd – H 393,730 5,905,950 0.09 Ind & Comm Bk of China – H 15,932,256 83,962,989 1.23 JD.Com Inc – ADR 140,012 42,867,330 0.63 Jiangsu Express Co Ltd – H 262,613 2,893,995 0.04 Jiangxi Copper Co Ltd – H 270,980 3,473,964 0.05 Kingsoft Corp Ltd 163,039 3,317,844 0.05 Kunlun Energy Co Ltd 654,131 4,330,347 0.06 Lenovo Group Ltd 1,611,558 7,944,981 0.12 Longfor Properties 345,700 5,800,846 0.08 Melco Resorts & Entert – ADR (formerly known as Melco Crown Entertainme – ADR) 56,295 9,865,969 0.14 Minth Group Ltd 144,876 4,795,396 0.07 Momo Inc – Spon ADR 18,645 5,379,575 0.08 MTR Corp 314,700 13,831,065 0.20 Netease Inc – ADR 17,178 40,314,242 0.59 New China Life Insurance C – H 169,464 6,727,721 0.10 New Oriental Educatio – SP ADR 29,060 15,991,040 0.23 Nine Dragons Paper Holdings 273,556 2,844,982 0.04 People’s Insurance Co Grou – H 1,613,094 5,290,948 0.08

178 iShares Asia Trust iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.51%) (Continued) Holdings HK$ Net Assets Listed Equities (89.42%) (Continued) China (36.72%) (Continued) Petrochina Co Ltd – H 4,534,925 21,676,941 0.32 PICC Property & Casualty – H 993,767 12,958,722 0.19 Ping An Insurance Group Co – H 1,128,546 58,063,692 0.85 Sands China Ltd 522,253 18,670,545 0.27 Semiconductor Manufacturing 561,380 5,080,489 0.07 Shandong Weigao Gp Medical – H 458,085 2,808,061 0.04 Shanghai Electric Grp Co L – H 689,858 2,586,968 0.04 Shanghai Fosun Pharmaceuti – H 86,300 2,610,575 0.04 Shanghai Industrial Hldg Ltd 114,427 2,643,264 0.04 Shanghai Lujiazui Fin&Trad – B 155,687 1,949,442 0.03 Shanghai Pharmaceuticals – H 167,349 3,890,864 0.06 Shangri-La Asia Ltd 263,184 3,484,556 0.05 Shenzhou International Group 114,427 5,870,105 0.09 Shimao Property Holdings Ltd 254,658 3,402,231 0.05 Sihuan Pharmaceutical Hldgs 807,513 2,640,568 0.04 Sina Corp 12,222 8,107,024 0.12 Sino Biopharmaceutical 1,036,054 7,148,773 0.10 Sino-Ocean Group Holding Ltd 641,760 2,451,523 0.04 Sinopec Engineering Group – H 287,527 2,024,190 0.03 Sinopec Shanghai Petrochem – H 805,827 3,368,357 0.05 Sinopharm Group Co – H 257,199 9,079,125 0.13 Soho China Ltd 518,266 1,995,324 0.03 Sun Art Retail Group Ltd 513,419 3,193,466 0.05 Sunac China Holdings Ltd 461,135 7,525,723 0.11 Sunny Optical Tech 154,238 10,796,660 0.16 Tal Education Group – ADR 8,946 8,541,703 0.12 Tencent Holdings Ltd 1,213,877 338,914,458 4.95 Tingyi (Cayman Isln) Hldg Co 461,135 4,270,110 0.06 Travelsky Technology Ltd – H 172,600 3,969,800 0.06 Tsingtao Brewery Co Ltd – H 64,121 2,215,381 0.03 Vipshop Holdings Ltd – ADR 86,677 7,138,548 0.10 Want Want China Holdings Ltd 1,009,539 5,320,271 0.08 Weibo Corp – Spon ADR 8,137 4,222,246 0.06 Weichai Power Co Ltd – H 460,462 3,149,560 0.05 Wilmar International Ltd 411,006 7,806,564 0.11 Yangzijiang Shipbuilding 466,820 3,149,658 0.05 Yanzhou Coal Mining Co – H 461,135 3,227,945 0.05 Yum China Holdings Inc 77,982 24,003,509 0.35 YY Inc – ADR 6,519 2,953,161 0.04 Zhejiang Expressway Co – H 344,658 3,515,512 0.05 Zhuzhou CRRC Times Electri – H 115,469 4,422,463 0.06

iShares Asia Trust 179 iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.51%) (Continued) Holdings HK$ Net Assets Listed Equities (89.42%) (Continued) China (36.72%) (Continued) Zijin Mining Group Co Ltd – H 1,382,792 3,567,603 0.05 ZTE Corp – H 184,609 3,441,112 0.05 2,513,871,624 36.72 Hong Kong (6.89%) Cheung Kong Property Holding 557,424 34,086,478 0.50 CK Hutchison Holdings Ltd 571,814 56,037,772 0.82 CK Infrastructure Holdings L (formerly known as Cheung Kong Infrastructure) 137,138 8,996,253 0.13 Galaxy Entertainment Group L 504,540 23,915,196 0.35 Hang Lung Properties Ltd 466,540 9,097,530 0.13 Henderson Land Development 256,785 11,182,987 0.16 HK Electric Investments – SS 501,340 3,599,621 0.05 HKT Trust and HKT Ltd – SS 808,283 8,276,818 0.12 Hong Kong Exchanges & Clear 247,580 49,961,644 0.73 Hongkong Land Holdings Ltd 254,284 14,610,007 0.21 Hysan Development Co 137,138 5,108,391 0.08 Jardine Matheson Hldgs Ltd 45,741 22,924,204 0.34 Jardine Strategic Hldgs Ltd 47,345 15,408,473 0.23 Kerry Properties Ltd 143,431 3,800,922 0.06 Li & Fung Ltd 1,382,792 3,927,129 0.06 Link Reit 483,893 28,743,244 0.42 MGM China Holdings Ltd 230,031 3,993,338 0.06 New World Development 1,252,391 12,411,195 0.18 NWS Holdings Ltd 338,465 5,198,822 0.08 PCCW Ltd 979,970 4,351,067 0.06 Power Assets Holdings Ltd 297,622 20,521,037 0.30 Sino Land Co 689,858 8,830,182 0.13 SJM Holdings Ltd 461,135 3,795,141 0.06 Sun Hung Kai Properties 312,757 35,873,228 0.52 Swire Pacific Ltd – Cl A 99,871 7,615,164 0.11 Swire Properties Ltd 249,143 6,415,432 0.09 Techtronic Industries Co Ltd 310,780 11,157,002 0.16 WH Group Ltd 1,673,627 13,188,181 0.19 Wharf Holdings Ltd 258,529 16,726,826 0.24 Wheelock & Co Ltd 172,600 10,166,140 0.15 Wynn Macau Ltd 335,413 6,117,933 0.09 Yue Yuen Industrial Hldg 172,600 5,592,240 0.08 471,629,597 6.89

180 iShares Asia Trust iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.51%) (Continued) Holdings HK$ Net Assets Listed Equities (89.42%) (Continued) Indonesia (2.91%) Adaro Energy TBK PT 3,527,274 3,264,383 0.05 Akr Corporindo TBK PT 384,246 1,468,570 0.02 Astra International TBK PT 4,353,451 22,758,665 0.33 Bank Central Asia TBK PT 2,105,322 22,382,060 0.33 Bank Danamon Indonesia TBK 812,630 2,439,448 0.04 Bank Mandiri Persero TBK PT 2,057,573 15,366,336 0.22 Bank Negara Indonesia Perser 1,630,502 6,303,332 0.09 Bank Rakyat Indonesia Perser 2,372,244 21,190,153 0.31 Bumi Serpong Damai PT 1,780,832 1,908,881 0.03 Charoen Pokphand Indonesi PT 1,792,652 3,339,089 0.05 Gudang Garam TBK PT 103,636 4,753,104 0.07 HM Sampoerna TBK PT 1,988,404 4,472,401 0.06 Indocement Tunggal Prakarsa 224,281 2,423,783 0.04 Indofood Cbp Sukses Makmur T 564,935 2,911,964 0.04 Indofood Sukses Makmur TBK P 902,267 4,545,047 0.07 Jardine Cycle & Carriage Ltd 20,551 5,167,656 0.08 Jasa Marga (Persero) TBK PT 532,723 1,669,399 0.02 Kalbe Farma TBK PT 4,541,492 4,322,717 0.06 Lippo Karawaci TBK PT 4,760,458 1,840,338 0.03 Matahari Department Store TB 510,244 4,236,487 0.06 Media Nusantara Citra TBK PT 1,224,151 1,319,343 0.02 Pakuwon Jati TBK PT 5,218,529 1,879,871 0.03 Perusahaan Gas Negara Perser 2,348,317 3,094,882 0.04 Semen Indonesia Persero TBK 638,364 3,739,153 0.05 Summarecon Agung TBK PT 2,449,671 1,850,983 0.03 Surya Citra Media PT TBK 1,417,748 2,150,818 0.03 Telekomunikasi Indonesia Per 10,840,658 28,701,128 0.42 Tower Bersama Infrastructure 466,830 1,859,399 0.03 Unilever Indonesia TBK PT 333,610 9,535,946 0.14 United Tractors TBK PT 344,210 5,534,402 0.08 Waskita Karya Persero TBK PT 1,028,215 1,397,259 0.02 Xl Axiata TBK PT 733,096 1,464,266 0.02 199,291,263 2.91 Malaysia (2.73%) Airasia BHD 271,127 1,602,450 0.02 Alliance Financial Group BHD 264,850 1,854,338 0.03 AMMB Holdings BHD 288,465 2,560,007 0.04 Astro Malaysia Holdings BHD 380,380 1,750,114 0.03 Axiata Group Berhad 622,439 5,467,291 0.08 British American Tobacco BHD 29,080 2,296,215 0.03

iShares Asia Trust 181 iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.51%) (Continued) Holdings HK$ Net Assets Listed Equities (89.42%) (Continued) Malaysia (2.73%) (Continued) Cimb Group Holdings BHD 771,793 9,235,384 0.14 Dialog Group BHD 653,748 2,282,653 0.03 Digi.Com BHD 748,253 6,803,725 0.10 Felda Global Ventures 311,220 967,814 0.01 Gamuda BHD 397,669 3,977,523 0.06 Genting BHD 480,329 8,219,714 0.12 Genting Malaysia BHD 610,279 6,104,068 0.09 Genting Plantations BHD 55,327 1,110,796 0.02 Hap Seng Consolidated 121,540 2,040,089 0.03 Hartalega Holdings BHD 141,900 1,904,439 0.03 Hong Leong Bank Berhad 112,072 3,191,664 0.05 Hong Leong Financial Group 56,745 1,733,665 0.03 IHH Healthcare BHD 722,299 7,552,889 0.11 IJM Corp BHD 433,933 2,730,405 0.04 IOI Corp BHD 468,271 3,789,531 0.06 IOI Properties Group BHD 472,374 1,889,892 0.03 Kuala Lumpur Kepong BHD 91,845 4,155,604 0.06 Malayan Banking BHD 712,558 12,478,856 0.18 Malaysia Airports Hldgs BHD 160,771 2,502,705 0.04 Maxis BHD 404,322 4,080,831 0.06 MISC BHD 271,140 3,678,414 0.05 Petronas Chemicals Group BHD 503,145 6,496,505 0.09 Petronas Dagangan BHD 36,670 1,607,149 0.02 Petronas Gas BHD 148,401 5,003,510 0.07 PPB Group Berhad 115,529 3,605,260 0.05 Public Bank Berhad 599,963 22,170,548 0.32 RHB Bank BHD 193,234 1,778,125 0.03 Sapura Energy BHD (formerly known as Sapurakencana Petroleum BHD) 800,941 2,315,932 0.03 Sime Darby Berhad 500,812 8,652,201 0.13 Telekom Malaysia BHD 271,139 3,279,004 0.05 Tenaga Nasional BHD 728,106 18,722,864 0.27 UMW Holdings BHD 143,820 1,561,428 0.02 UMW Oil & Gas Corp BHD 148,307 118,670 0.00 Westports Holdings BHD 247,559 1,638,734 0.02 YTL Corp BHD 1,042,997 2,769,263 0.04 YTL Power International BHD 452,998 1,194,517 0.02 186,874,786 2.73

182 iShares Asia Trust iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.51%) (Continued) Holdings HK$ Net Assets Listed Equities (89.42%) (Continued) Pakistan (0.12%) Engro Corporation Ltd 55,748 1,347,074 0.02 Habib Bank Ltd 125,008 2,512,023 0.03 Lucky Cement 100 6,263 0.00 MCB Bank Ltd 82,972 1,302,106 0.02 Oil & Gas Development Co Ltd 137,381 1,442,424 0.02 United Bank Ltd 104,340 1,833,623 0.03 8,443,513 0.12 Philippines (1.39%) Aboitiz Equity Ventures Inc 407,975 4,806,288 0.07 Aboitiz Power Corp 357,590 2,151,995 0.03 Alliance Global Group Inc 495,910 1,097,098 0.02 Ayala Corporation 52,183 6,862,057 0.10 Ayala Land Inc 1,606,185 9,877,318 0.14 Bank of The Philippine Islan 119,477 1,922,312 0.03 BDO Unibank Inc 399,092 7,655,984 0.11 DMCI Holdings Inc 968,263 2,112,121 0.03 Energy Development Corp 2,276,769 2,130,986 0.03 First Pacific Co 467,293 2,691,608 0.04 Globe Telecom Inc 8,332 2,639,888 0.04 GT Capital Holdings Inc 19,019 3,560,241 0.05 Intl Container Term Svcs Inc 123,072 1,862,106 0.03 JG Summit Holdings Inc 608,608 7,626,566 0.11 Jollibee Foods Corp 103,740 3,274,031 0.05 Megaworld Corp 2,766,533 1,840,393 0.03 Metro Pacific Investments Co 3,227,717 3,190,822 0.05 Metropolitan Bank & Trust 138,738 1,878,062 0.03 PLDT Inc 20,756 5,773,507 0.08 Robinsons Land Co 354,445 1,329,741 0.02 Security Bank Corp 25,828 867,075 0.01 SM Investments Corp 49,911 6,200,378 0.09 SM Prime Holdings Inc 1,772,562 9,049,440 0.13 Universal Robina Corp 186,613 4,702,939 0.07 95,102,956 1.39 Singapore (4.14%) Ascendas Real Estate Inv Trt 631,721 9,348,303 0.14 Capitaland Commercial Trust 501,340 4,718,538 0.07 Capitaland Ltd 560,375 11,120,230 0.16 Capitaland Mall Trust 515,476 5,772,216 0.08 City Developments Ltd 98,209 5,974,726 0.09

iShares Asia Trust 183 iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.51%) (Continued) Holdings HK$ Net Assets Listed Equities (89.42%) (Continued) Singapore (4.14%) (Continued) Comfortdelgro Corp Ltd 460,040 5,999,160 0.09 DBS Group Holdings Ltd 383,322 45,075,389 0.66 Genting Singapore Plc 1,294,650 7,964,327 0.12 Global Logistic Properties L 558,336 9,053,753 0.13 Golden Agri-Resources Ltd 1,711,694 3,639,355 0.05 Hutchison Port Holdings Tr-U 1,106,647 3,714,763 0.05 Keppel Corp Ltd 317,968 11,339,686 0.17 Oversea-Chinese Banking Corp 670,364 41,010,882 0.60 Sats Ltd 145,828 4,225,020 0.06 Sembcorp Industries Ltd 236,489 4,129,796 0.06 Singapore Airlines Ltd 115,469 6,625,412 0.10 Singapore Exchange Ltd 159,342 6,631,218 0.10 Singapore Press Holdings Ltd 97,200 1,780,065 0.03 Singapore Tech Engineering 340,986 7,114,614 0.10 Singapore Telecommunications 1,741,273 38,404,618 0.56 Starhub Ltd 108,954 1,680,270 0.02 Suntec Reit 576,031 6,107,373 0.09 United Overseas Bank Ltd 282,259 37,000,076 0.54 UOL Group Ltd 115,469 5,001,793 0.07 283,431,583 4.14 South Korea (17.79%) Amorepacific Corp 6,915 14,342,881 0.21 Amorepacific Corp – Pref 2,040 2,588,891 0.04 Amorepacific Group 6,412 5,687,318 0.08 BGF Retail Co Ltd 3,874 2,669,633 0.04 BNK Financial Group Inc 55,884 4,175,151 0.06 Celltrion Inc 17,469 13,718,732 0.20 Cheil Worldwide Inc 15,080 1,893,171 0.03 CJ Cheiljedang Corp 1,709 4,215,227 0.06 CJ Corp 3,459 4,472,294 0.06 CJ E&M Corp 3,561 1,841,670 0.03 CJ Korea Express Corp 1,728 2,128,098 0.03 Coway Co Ltd 10,581 7,508,111 0.11 Daelim Industrial Co Ltd 4,706 2,857,673 0.04 Daewoo Engineering & Constr 25,726 1,330,491 0.02 DGB Financial Group Inc 41,185 3,315,826 0.05 Dongbu Insurance Co Ltd 10,167 4,717,070 0.07 Dongsuh Companies Inc 8,541 1,783,203 0.03 Doosan Bobcat Inc 7,735 1,878,802 0.03 Doosan Heavy Industries 11,894 1,700,132 0.02

184 iShares Asia Trust iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.51%) (Continued) Holdings HK$ Net Assets Listed Equities (89.42%) (Continued) South Korea (17.79%) (Continued) E-Mart Inc 3,873 6,196,707 0.09 GS Engineering & Construct 8,630 1,792,952 0.03 GS Holdings 10,805 5,027,820 0.07 GS Retail Co Ltd 5,084 1,789,888 0.03 Hana Financial Group 63,879 19,721,834 0.29 Hankook Tire Co Ltd 15,993 6,939,971 0.10 Hanmi Pharm Co Ltd 1,388 3,532,392 0.05 Hanmi Science Co Ltd 3,224 1,856,556 0.03 Hanon Systems 45,161 3,173,740 0.05 Hanssem Co Ltd 2,042 2,563,564 0.04 Hanwha Chemical Corp 25,726 5,300,903 0.08 Hanwha Corporation 10,686 3,455,924 0.05 Hanwha Life Insurance Co Ltd 53,084 2,520,830 0.04 Hanwha Techwin Co Ltd 8,272 2,511,546 0.04 Hotel Shilla Co Ltd 8,229 3,205,928 0.05 Hyosung Corporation 4,764 5,444,490 0.08 Hyundai Dept Store Co 3,563 2,686,264 0.04 Hyundai Development Co-Engin 10,578 3,388,518 0.05 Hyundai Engineering & Const 13,385 4,205,510 0.06 Hyundai Glovis Co Ltd 3,855 4,129,473 0.06 Hyundai Heavy Industries 6,303 7,590,364 0.11 Hyundai Marine & Fire Ins Co 13,337 3,580,746 0.05 Hyundai Mobis Co Ltd 14,345 24,468,716 0.36 Hyundai Motor Co 33,188 36,117,059 0.53 Hyundai Motor Co Ltd – 2nd Prf 7,437 5,911,454 0.09 Hyundai Motor Co Ltd – Prf 4,966 3,828,739 0.06 Hyundai Robotics Co Ltd 1,151 3,035,257 0.04 Hyundai Steel Co 17,203 7,300,712 0.11 Hyundai Wia Corp 3,667 1,746,373 0.02 Industrial Bank of Korea 53,169 5,169,446 0.08 Kakao Corp 6,605 4,574,140 0.07 Kangwon Land Inc 24,311 5,780,644 0.08 KB Financial Group Inc 85,265 33,567,363 0.49 KCC Corp 1,448 4,312,444 0.06 Kepco Plant Service & Engine 5,394 1,624,846 0.02 KIA Motors Corp 56,841 14,814,796 0.22 Korea Aerospace Industries 15,237 5,925,772 0.09 Korea Electric Power Corp 53,773 14,969,078 0.22 Korea Gas Corporation 6,812 2,472,617 0.04 Korea Investment Holdings Co 9,859 4,715,432 0.07 Korea Zinc Co Ltd 1,812 5,637,592 0.08

iShares Asia Trust 185 iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.51%) (Continued) Holdings HK$ Net Assets Listed Equities (89.42%) (Continued) South Korea (17.79%) (Continued) Korean Air Lines Co Ltd 10,562 2,788,867 0.04 KT Corp 1,648 366,560 0.00 KT&G Corp 25,735 20,543,794 0.30 Kumho Petrochemical Co Ltd 3,439 1,724,607 0.02 LG Chem Ltd 10,153 20,158,490 0.29 LG Chem Ltd – Preference 1,832 2,524,919 0.04 LG Corp 20,851 10,997,070 0.16 LG Display Co Ltd 52,078 13,182,532 0.19 LG Electronics Inc 22,790 12,470,656 0.18 LG Household & Health – Pref 296 1,256,182 0.02 LG Household & Health Care 1,937 13,136,710 0.19 LG Innotek Co Ltd 3,458 3,892,956 0.06 LG Uplus Corp 23,605 2,512,460 0.04 Lotte Chemical Corp 3,356 7,876,822 0.11 Lotte Chilsung Beverage Co 95 1,110,977 0.02 Lotte Confectionery Co Ltd 1,410 1,904,824 0.03 Lotte Shopping Co 2,244 4,646,781 0.07 Medy-Tox Inc 874 3,339,413 0.05 Mirae Asset Daewoo Co Ltd 80,128 6,041,116 0.09 Naver Corp 5,791 33,110,687 0.48 Ncsoft Corp 3,665 9,489,785 0.14 Netmarble Games Corp 3,614 3,821,998 0.06 NH Investment & Securities C 34,371 3,482,485 0.05 OCI Co Ltd 3,771 2,307,914 0.03 Orion Holdings (formerly known as Orion Corp) 514 2,798,573 0.04 Ottogi Corporation 105 565,962 0.01 Pan Ocean Co Ltd 45,538 1,640,509 0.02 POSCO 15,878 31,091,975 0.45 POSCO Daewoo Corp 10,791 1,641,864 0.02 S-1 Corporation 4,874 3,225,729 0.05 Samsung Biologics Co Ltd 3,539 7,050,729 0.10 Samsung C&T Corp 15,993 16,149,618 0.24 Samsung Card Co 8,540 2,275,357 0.03 Samsung Electro-Mechanics Co 11,988 8,342,909 0.12 Samsung Electronics – Pref 3,684 46,802,593 0.68 Samsung Electronics Co Ltd 21,060 341,553,046 4.99 Samsung Fire & Marine Ins 7,018 13,479,146 0.20 Samsung Heavy Industries 54,860 4,660,106 0.07 Samsung Life Insurance Co Lt 15,153 12,096,371 0.18 Samsung Sdi Co Ltd 11,998 14,039,240 0.20 Samsung Sds Co Ltd 7,333 9,230,998 0.13

186 iShares Asia Trust iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.51%) (Continued) Holdings HK$ Net Assets Listed Equities (89.42%) (Continued) South Korea (17.79%) (Continued) Samsung Securities Co Ltd 15,706 4,425,744 0.06 Shinhan Financial Group Ltd 91,685 30,840,103 0.45 Shinsegae Inc 1,728 2,705,808 0.04 SK Holdings Co Ltd 6,754 12,810,806 0.19 SK Hynix Inc 125,793 57,847,818 0.84 SK Innovation Co Ltd 14,041 15,184,410 0.22 SK Networks Co Ltd 27,559 1,175,206 0.02 SK Telecom 3,873 7,029,100 0.10 S-Oil Corp 9,055 5,856,895 0.09 Woori Bank 64,092 8,068,091 0.12 Yuhan Corp 1,684 2,826,492 0.04 1,217,516,577 17.79 Taiwan (14.21%) Acer Inc 691,600 2,830,806 0.04 Advanced Semiconductor Engr 1,371,341 13,742,346 0.20 Advantech Co Ltd 63,104 3,489,784 0.05 Asia Cement Corp 506,390 3,391,720 0.05 Asia Pacific Telecom Co Ltd 484,120 1,360,384 0.02 Asustek Computer Inc 148,388 10,947,905 0.16 Au Optronics Corp 1,792,988 6,395,678 0.09 Catcher Technology Co Ltd 138,320 12,902,794 0.19 Cathay Financial Holding Co 1,754,479 22,556,945 0.33 Chailease Holding Co Ltd 240,018 5,223,169 0.08 Chang Hwa Commercial Bank 1,061,649 4,754,127 0.07 Cheng Shin Rubber Ind Co Ltd 403,170 6,694,018 0.10 Chicony Electronics Co Ltd 116,173 2,298,550 0.03 China Airlines Ltd 634,253 1,502,307 0.02 China Development Financial 2,593,610 5,877,055 0.09 China Life Insurance Co Ltd 791,471 6,154,206 0.09 China Steel Corp 2,460,175 15,625,560 0.23 Chunghwa Telecom Co Ltd 813,825 22,555,329 0.33 Compal Electronics 855,794 4,502,124 0.07 CTBC Financial Holding Co Lt 3,813,787 19,525,120 0.28 Delta Electronics Inc 409,460 17,495,248 0.26 E.Sun Financial Holding Co 1,801,731 8,646,213 0.13 Eclat Textile Company Ltd 39,882 3,797,040 0.06 Eva Airways Corp 484,142 1,869,837 0.03 Evergreen Marine Corp Ltd 414,960 1,645,239 0.02 Far Eastern New Century Corp 764,217 4,853,849 0.07 Far Eastone Telecomm Co Ltd 334,010 6,642,867 0.10

iShares Asia Trust 187 iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.51%) (Continued) Holdings HK$ Net Assets Listed Equities (89.42%) (Continued) Taiwan (14.21%) (Continued) Feng Tay Enterprise Co Ltd 66,126 2,282,385 0.03 First Financial Holding Co 2,010,974 10,501,836 0.15 Formosa Chemicals & Fibre 625,155 15,320,942 0.22 Formosa Petrochemical Corp 243,272 6,555,047 0.10 Formosa Plastics Corp 889,999 21,172,085 0.31 Formosa Taffeta Co. 172,900 1,355,503 0.02 Foxconn Technology Co Ltd 195,799 4,612,618 0.07 Fubon Financial Holding Co 1,425,109 17,718,879 0.26 Giant Manufacturing 57,370 2,561,701 0.04 Globalwafers Co Ltd 31,902 1,739,687 0.02 Highwealth Construction Corp 150,110 1,941,487 0.03 Hiwin Technologies Corp 44,627 2,353,444 0.03 Hon Hai Precision Industry 3,345,017 100,433,494 1.47 Hotai Motor Company Ltd 57,370 5,609,242 0.08 HTC Corp 144,003 2,682,888 0.04 Hua Nan Financial Holdings C 1,689,755 7,653,548 0.11 Innolux Corp 2,074,955 8,466,427 0.12 Inventec Corp 576,070 3,666,244 0.05 Largan Precision Co Ltd 21,226 26,418,264 0.39 Lite-On Technology Corp 449,453 5,766,983 0.08 Mediatek Inc 318,636 21,300,851 0.31 Mega Financial Holding Co Lt 2,334,610 15,157,558 0.22 Merida Industry Co Ltd 57,370 2,399,755 0.03 Micro-Star International Co 147,125 2,669,318 0.04 Nan Ya Plastics Corp 1,020,192 19,766,203 0.29 Nanya Technology Corp 148,388 2,086,766 0.03 Nien Made Enterprise Co Ltd 32,840 2,844,273 0.04 Novatek Microelectronics Cor 115,530 3,646,652 0.05 OBI Pharma Inc 22,355 1,382,567 0.02 Pegatron Corp 403,170 9,859,968 0.14 Phison Electronics Corp 22,790 2,196,082 0.03 Pou Chen 518,700 5,603,930 0.08 Powertech Technology Inc 129,275 3,115,118 0.05 President Chain Store Corp 115,530 8,108,611 0.12 Quanta Computer Inc 580,680 10,729,111 0.16 Realtek Semiconductor Corp 115,530 3,246,409 0.05 Ruentex Development Co Ltd 207,480 1,826,269 0.03 Ruentex Industries Ltd 115,530 1,346,000 0.02 Shin Kong Financial Holding 1,979,608 4,114,893 0.06 Siliconware Precision Inds 451,430 5,693,880 0.08 Sinopac Financial Holdings 2,080,246 4,964,689 0.07

188 iShares Asia Trust iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.51%) (Continued) Holdings HK$ Net Assets Listed Equities (89.42%) (Continued) Taiwan (14.21%) (Continued) Standard Foods Corp 84,537 1,772,406 0.03 Synnex Technology Intl Corp 304,521 2,664,808 0.04 Taimed Biologics Inc 33,403 1,581,526 0.02 Taishin Financial Holding 1,823,617 6,481,534 0.09 Taiwan Business Bank 834,729 1,820,786 0.03 Taiwan Cement 751,781 6,790,916 0.10 Taiwan Cooperative Financial 1,684,029 6,979,374 0.10 Taiwan Fertilizer Co Ltd 172,900 1,794,766 0.03 Taiwan High Speed Rail Corp 359,312 2,346,680 0.03 Taiwan Mobile Co Ltd 345,800 10,160,729 0.15 Taiwan Semiconductor Manufac 5,258,726 281,372,068 4.11 Teco Electric & Machinery 461,330 3,462,836 0.05 Transcend Information Inc 41,292 1,080,838 0.02 Uni-President Enterprises Co 1,041,239 16,299,513 0.24 United Microelectronics Corp 2,420,674 9,162,684 0.13 Vanguard International Semi 207,480 3,194,640 0.05 Wistron Corp 527,286 4,187,948 0.06 WPG Holdings Ltd 345,800 3,602,844 0.05 Yuanta Financial Holding Co 2,128,936 7,320,855 0.11 Yulon Motor Company 207,480 1,453,561 0.02 Zhen Ding Technology Holding 69,160 1,279,631 0.02 972,962,770 14.21 Thailand (2.52%) Advanced Info Service PCL (FR) 212,980 8,687,508 0.13 Airports of Thailand PCL (FR) 914,927 9,934,506 0.16 Bangkok Bank PCL – Foreign Reg 57,227 2,432,936 0.04 Bangkok Dusit Medical Services PCL (FR) 939,261 4,144,246 0.06 Bangkok Expressway and Metro 1,488,611 2,548,564 0.04 Banpu Public Co Ltd – Foreign 261,293 996,768 0.01 BEC World PCL (FR) 236,560 1,141,612 0.02 Berli Jucker Public Co – NVDR 259,250 2,844,790 0.04 BTS Group Holdings PCL (FR) 1,417,748 2,769,338 0.04 Bumrungrad Hospital Pub Co – Foreign 86,450 3,407,118 0.05 C.P. All PCL (FR) 1,066,481 15,378,887 0.22 Central Pattana PCL (FR) 314,824 5,010,091 0.07 Charoen Pokphand Foods Co Ltd (FR) 570,114 3,249,163 0.05 Delta Electronics Thai PCL – Foreign 121,030 2,412,796 0.05 Electricity Genera PCL – NVDR 28,092 1,381,511 0.02 Energy Absolute PCL – Foreign 273,182 2,165,854 0.03 Glow Energy PCL (FR) 126,530 2,289,824 0.03

iShares Asia Trust 189 iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.51%) (Continued) Holdings HK$ Net Assets Listed Equities (89.42%) (Continued) Thailand (2.52%) (Continued) Home Product Center PCL (FR) 968,263 2,136,105 0.03 Indorama Ventures PCL (FR) 351,300 3,067,749 0.04 IRPC PCL – Foreign 2,432,381 2,990,497 0.04 Kasikornbank PCL 28,968 1,321,408 0.02 Kasikornbank PCL – Foreign 359,802 16,412,779 0.24 KCE Electronics – NVDR 62,200 1,550,880 0.02 Krung Thai Bank PCL (FR) 847,210 3,660,218 0.05 Minor International PCL – Foreign 414,960 3,838,223 0.06 PTT Exploration & Production PCL (FR) 296,162 5,870,113 0.09 PTT Global Chemical PCL (FR) 403,170 6,346,537 0.09 PTT PCL (FR) 214,192 18,212,225 0.27 Robinson PCL – NVDR (formerly known as Robinson Dept Store – NVDR) 108,519 1,452,646 0.02 Siam Cement PCL – NVDR 23,778 2,754,000 0.04 Siam Cement Pub Co (FR) 65,623 7,600,544 0.11 Siam Commercial Bank PCL (FR) 382,499 13,668,433 0.20 Thai Oil PCL – Foreign 195,690 3,552,661 0.05 Thai Union Group PCL – Foreign 461,330 2,236,929 0.03 TMB Bank PCL – Foreign 3,212,596 1,698,017 0.02 True Corp PCL (FR) 2,123,380 3,025,363 0.04 172,190,839 2.52 Total listed equity 6,121,315,508 89.42 EXCHANGE TRADED FUNDS (10.09%) India (10.09%) iShares MSCI India ETF 1,834,611 459,729,749 6.72 iShares MSCI India Index ETF 3,689,947 231,019,202 3.37 Total exchange traded funds 690,748,951 10.09 UNListed Equities (0.00%) Malaysia (0.00%) RHB Capital BHD 41,075 1 0.00 Total unlisted equity 1 0.00 Total investments 6,812,064,460 99.51 Other net assets 33,510,791 0.49 Net assets attributable to unitholders at 30th June 2017 6,845,575,251 100.00 Total investments, at cost 5,982,509,271

190 iShares Asia Trust iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) For the period ended 30th June 2017

Holdings Corporate Investments 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities 3Sbio Inc 165,436 106,218 – 54,054 217,600 58.Com Inc – ADR 12,739 8,430 – 4,290 16,879 AAC Technologies Holdings In 118,390 68,916 – 38,342 148,964 Aboitiz Equity Ventures Inc 310,271 198,948 – 101,244 407,975 Aboitiz Power Corp 271,892 174,501 – 88,803 357,590 Acer Inc 526,000 337,200 – 171,600 691,600 Adaro Energy TBK PT 2,682,701 1,719,526 – 874,953 3,527,274 Advanced Info Service PCL (FR) 162,058 103,689 – 52,767 212,980 Advanced Semiconductor Engr 1,008,294 697,347 – 334,300 1,371,341 Advantech Co Ltd 43,708 27,819 5,734 14,157 63,104 Agricultural Bank of China – H 4,014,710 2,573,396 – 1,309,507 5,278,599 AIA Group Ltd 1,972,974 1,264,359 – 668,139 2,569,194 Air China Ltd – H 313,424 200,634 – 102,102 411,956 Airasia BHD 206,129 132,351 – 67,353 271,127 Airports of Thailand PCL (FR) 69,573 344,083 717,264 215,993 914,927 Akr Corporindo TBK PT 292,338 187,146 – 95,238 384,246 Alibaba Group Holding – SP ADR 183,886 117,397 – 60,995 240,288 Alibaba Health Information T 436,441 279,876 – 142,428 573,889 Alibaba Pictures Group Ltd 1,752,672 1,123,525 – 571,650 2,304,547 Alliance Financial Group BHD 201,508 128,979 – 65,637 264,850 Alliance Global Group Inc 377,092 241,941 – 123,123 495,910 Aluminum Corp of China Ltd – H 701,070 449,319 – 228,657 921,732 AMMB Holdings BHD 291,118 61,879 – 64,532 288,465 Amorepacific Corp 5,259 3,372 – 1,716 6,915 Amorepacific Corp – Pref 1,626 843 – 429 2,040 Amorepacific Group 4,756 3,372 – 1,716 6,412 Anhui Conch Cement Co Ltd – H 202,267 129,822 – 66,066 266,023 Anta Sports Products Ltd 175,169 112,119 – 57,057 230,231 Ascendas Real Estate Inv Trt 377,071 1,175,025 – 920,375 631,721 Asia Cement Corp 385,088 246,999 – 125,697 506,390 Asia Pacific Telecom Co Ltd 368,200 236,040 – 120,120 484,120 Asm Pacific Technology 43,669 27,819 – 14,157 57,331 Astra International TBK PT 3,311,046 2,122,397 – 1,079,992 4,353,451 Astro Malaysia Holdings BHD 289,300 185,460 – 94,380 380,380 Asustek Computer Inc 112,784 72,498 – 36,894 148,388 Au Optronics Corp 1,363,710 874,128 – 444,850 1,792,988 Autohome Inc – ADR – 11,560 – 402 11,158 Avichina Industry & Tech – H 350,631 225,024 – 114,520 461,135 Axiata Group Berhad 473,400 303,479 – 154,440 622,439 Ayala Corporation 39,763 25,290 – 12,870 52,183 Ayala Land Inc 1,221,527 783,084 – 398,426 1,606,185

iShares Asia Trust 191 iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Baidu Inc – Spon ADR 44,706 28,662 – 14,586 58,782 Bangkok Bank PCL – Foreign Reg 43,623 27,761 – 14,157 57,227 Bangkok Dusit Medical Services PCL (FR) 714,459 457,749 – 232,947 939,261 Bangkok Expressway and Metro 1,132,191 725,766 – 369,346 1,488,611 Bank Central Asia TBK PT 2,016,783 1,291,046 – 1,202,507 2,105,322 Bank Danamon Indonesia TBK 618,050 396,210 – 201,630 812,630 Bank Mandiri Persero TBK PT 1,564,953 1,003,107 – 510,487 2,057,573 Bank Negara Indonesia Perser 1,240,134 794,892 – 404,524 1,630,502 Bank of China Ltd – H 13,067,144 8,375,908 – 4,262,014 17,181,038 Bank of Communications Co – H 1,463,632 938,196 – 477,362 1,924,466 Bank of East Asia Ltd 193,625 123,921 – 63,063 254,483 Bank of The Philippine Islan 90,911 58,167 – 29,601 119,477 Bank Rakyat Indonesia Perser 1,804,231 1,156,424 – 588,411 2,372,244 Banpu Public Co Ltd – Foreign 198,779 127,293 – 64,779 261,293 BDO Unibank Inc 259,014 239,177 – 99,099 399,092 BEC World PCL (FR) 179,842 115,491 – 58,773 236,560 Beijing Capital Intl Airpo – H 262,272 167,757 – 85,371 344,658 Beijing Enterprises Hldgs 87,731 56,481 – 28,743 115,469 Beijing Enterprises Water Gr 669,548 429,087 – 218,361 880,274 Belle International Holdings 1,046,547 696,300 – 288,664 1,454,183 Berjaya Sports Toto BHD 124,510 79,515 – 204,025 – Berli Jucker Public Co – NVDR 197,150 126,450 – 64,350 259,250 BGF Retail Co Ltd 3,046 1,686 – 858 3,874 BNK Financial Group Inc 42,636 26,976 – 13,728 55,884 BOC Hong Kong Holdings Ltd 604,952 387,780 – 197,340 795,392 Brilliance China Automotive 524,672 336,357 – 171,171 689,858 British American Tobacco BHD 22,042 14,331 – 7,293 29,080 BTS Group Holdings PCL (FR) 1,078,302 691,203 – 351,757 1,417,748 Bumi Serpong Damai PT 1,354,452 868,227 – 441,847 1,780,832 Bumrungrad Hospital Pub Co – Foreign 65,750 42,150 – 21,450 86,450 BYD Co Ltd – H 109,069 69,969 – 35,607 143,431 C.P. All PCL (FR) 811,038 519,959 – 264,516 1,066,481 Capitaland Commercial Trust 381,280 244,470 – 124,410 501,340 Capitaland Ltd 426,239 273,132 – 138,996 560,375 Capitaland Mall Trust 392,104 251,214 – 127,842 515,476 Casetek Holdings Ltd 17,408 10,881 – 28,289 – Catcher Technology Co Ltd 105,200 67,440 – 34,320 138,320 Cathay Financial Holding Co 1,334,305 855,425 – 435,251 1,754,479 Cathay Pacific Airways 218,303 138,942 – 357,245 – Celltrion Inc 13,329 8,430 – 4,290 17,469 Central Pattana PCL (FR) 249,850 143,052 – 78,078 314,824

192 iShares Asia Trust iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) CGN Power Co Ltd – H 1,647,112 1,056,059 – 537,330 2,165,841 Chailease Holding Co Ltd 182,472 117,177 – 59,631 240,018 Chang Hwa Commercial Bank 807,430 517,602 – 263,383 1,061,649 Charoen Pokphand Foods Co Ltd (FR) 433,528 278,133 – 141,547 570,114 Charoen Pokphand Indonesi PT 1,363,344 873,997 – 444,689 1,792,652 Cheil Worldwide Inc 11,354 7,587 – 3,861 15,080 Cheng Shin Rubber Ind Co Ltd 306,708 196,419 – 99,957 403,170 Cheung Kong Property Holding 441,966 283,164 – 167,706 557,424 Chicony Electronics Co Ltd 88,435 56,481 – 28,743 116,173 China Airlines Ltd 482,292 309,381 – 157,420 634,253 China Cinda Asset Manageme – H 1,423,144 912,126 – 464,155 1,871,115 China Citic Bank Corp Ltd – H 1,490,272 955,119 – 486,034 1,959,357 China Coal Energy Co – H 204,339 130,665 – 66,495 268,509 China Communications Const – H 753,346 440,027 – 322,560 870,813 China Communications Servi – H 436,441 279,876 – 142,428 573,889 China Conch Venture Holdings 221,892 142,467 – 72,501 291,858 China Construction Bank – H 13,702,672 8,783,077 – 4,469,221 18,016,528 China Development Financial 1,972,605 1,264,328 – 643,323 2,593,610 China Everbright Bank Co L – H 506,535 324,555 – 165,165 665,925 China Everbright Intl Ltd 437,569 235,863 – 221,602 451,830 China Everbright Ltd 151,993 97,788 – 49,764 200,017 China Evergrande Group 691,823 443,418 – 225,654 909,587 China Galaxy Securities Co – H 472,453 302,637 – 154,011 621,079 China Gas Holdings Ltd 274,029 175,344 – 89,232 360,141 China Huarong Asset Manage – H 825,384 526,886 – 252,688 1,099,582 China Huishan Dairy Holdings 525,800 108,800 – 114,777 519,823 China Jinmao Holdings Group 612,903 392,838 – 199,914 805,827 China Life Insurance Co – H 1,221,614 783,084 – 398,518 1,606,180 China Life Insurance Co Ltd 601,854 385,922 – 196,305 791,471 China Longyuan Power Group – H 568,870 364,799 – 185,573 748,096 China Medical System Holding 218,303 139,938 – 71,214 287,027 China Mengniu Dairy Co 449,216 288,086 – 146,534 590,768 China Merchants Bank – H 626,834 401,939 – 204,456 824,317 China Merchants Port Holding 227,449 145,839 – 74,217 299,071 China Minsheng Banking – H 990,106 634,722 – 323,014 1,301,814 China Mobile Ltd 1,005,992 644,838 – 328,162 1,322,668 China National Building Ma – H 524,672 336,357 – 171,171 689,858 China Oilfield Services – H 297,383 190,518 – 96,954 390,947 China Overseas Land & Invest 640,272 391,851 – 242,559 789,564 China Pacific Insurance Gr – H 431,687 276,504 – 140,712 567,479 China Petroleum & Chemical – H 4,172,748 2,674,582 – 1,360,987 5,486,343

iShares Asia Trust 193 iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) China Power International 568,870 364,799 – 185,573 748,096 China Railway Construction – H 325,615 208,892 – 106,215 428,292 China Railway Group Ltd – H 647,139 414,756 – 211,068 850,827 China Resources Beer Holdin 271,316 173,658 – 88,374 356,600 China Resources Gas Group Lt 136,933 87,672 – 44,616 179,989 China Resources Land Ltd 471,264 280,612 – 191,778 560,098 China Resources Power Holdin 320,917 205,692 – 104,676 421,933 China Shenhua Energy Co – H 562,897 360,804 – 183,612 740,089 China Southern Airlines Co – H 350,631 226,166 – 112,124 464,673 China State Construction Int 262,272 167,757 – 85,371 344,658 China Steel Corp 1,871,040 1,199,395 – 610,260 2,460,175 China Taiping Insurance Hold 267,297 171,129 – 87,087 351,339 China Telecom Corp Ltd – H 2,191,307 1,404,375 – 714,691 2,880,991 China Unicom Hong Kong Ltd 964,361 617,919 – 314,457 1,267,823 China Vanke Co Ltd – H 214,309 137,409 – 69,927 281,791 Chongqing Changan Automobi – B 136,610 86,860 – 44,549 178,921 Chongqing Rural Commercial – H 411,919 263,859 – 134,277 541,501 Chunghwa Telecom Co Ltd 618,867 396,833 – 201,875 813,825 Cimb Group Holdings BHD 460,549 467,826 – 156,582 771,793 Citic Ltd 714,948 772,448 – 244,917 1,242,479 Citic Securities Co Ltd – H 353,434 226,767 – 115,401 464,800 City Developments Ltd 74,611 48,051 – 24,453 98,209 CJ Cheiljedang Corp 1,295 843 – 429 1,709 CJ Corp 2,631 1,686 – 858 3,459 CJ E&M Corp 2,733 1,686 – 858 3,561 CJ Korea Express Corp 1,314 843 – 429 1,728 CK Hutchison Holdings Ltd 444,747 280,573 – 153,506 571,814 CK Infrastructure Holdings L (formerly known as Cheung Kong Infrastructure) 104,432 66,597 – 33,891 137,138 CLP Holdings Ltd 269,906 172,815 – 87,945 354,776 CNOOC Ltd 2,923,025 1,873,712 – 953,460 3,843,277 Comfortdelgro Corp Ltd 349,916 224,238 – 114,114 460,040 Compal Electronics 650,841 417,285 – 212,332 855,794 Cosco Shipping Ports Ltd 262,413 167,784 – 85,523 344,674 Country Garden Holdings Co 929,210 595,781 – 303,119 1,221,872 Coway Co Ltd 8,097 5,058 – 2,574 10,581 CRRC Corp Ltd – H 672,554 430,773 – 219,219 884,108 CSPC Pharmaceutical Group Lt 612,903 392,838 – 199,914 805,827 CTBC Financial Holding Co Lt 2,900,573 1,859,381 – 946,167 3,813,787 Ctrip.Com International – ADR 61,978 39,621 – 20,163 81,436 Daelim Industrial Co Ltd 5,156 2,749 – 3,199 4,706

194 iShares Asia Trust iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Daewoo Engineering & Constr 19,516 12,645 – 6,435 25,726 DBS Group Holdings Ltd 291,409 186,974 – 95,061 383,322 Delta Electronics Inc 311,342 199,791 – 101,673 409,460 Delta Electronics Thai PCL – Foreign 92,050 59,010 – 30,030 121,030 DGB Financial Group Inc 31,249 20,232 – 10,296 41,185 Dialog Group BHD 497,256 318,654 – 162,162 653,748 Digi.Com BHD 568,987 364,846 – 185,580 748,253 DMCI Holdings Inc 736,400 472,080 – 240,217 968,263 Dongbu Insurance Co Ltd 7,683 5,058 – 2,574 10,167 Dongfeng Motor Grp Co Ltd – H 436,460 279,876 – 142,428 573,908 Dongsuh Companies Inc 6,471 4,215 – 2,145 8,541 Doosan Bobcat Inc – 7,735 – – 7,735 Doosan Heavy Industries 8,996 5,901 – 3,003 11,894 E.Sun Financial Holding Co 1,288,807 937,475 – 424,551 1,801,731 Eclat Textile Company Ltd 30,360 19,389 – 9,867 39,882 Electricity Genera PCL – NVDR 21,468 13,488 – 6,864 28,092 E-Mart Inc 3,045 1,686 – 858 3,873 Energy Absolute PCL – Foreign 207,770 133,194 – 67,782 273,182 Energy Development Corp 1,731,544 1,110,011 – 564,786 2,276,769 Engro Corporation Ltd – 57,892 – 2,144 55,748 ENN Energy Holdings Ltd 120,761 77,556 – 39,468 158,849 Eva Airways Corp 368,222 236,040 – 120,120 484,142 Evergreen Marine Corp Ltd 315,600 202,320 – 102,960 414,960 Far East Horizon Ltd 306,369 196,419 – 99,957 402,831 Far Eastern New Century Corp 581,229 372,606 – 189,618 764,217 Far Eastone Telecomm Co Ltd 254,108 162,699 – 82,797 334,010 Felda Global Ventures 236,700 151,740 – 77,220 311,220 Feng Tay Enterprise Co Ltd 50,394 32,034 – 16,302 66,126 First Financial Holding Co 1,529,526 980,352 – 498,904 2,010,974 First Pacific Co 355,513 227,610 – 115,830 467,293 Formosa Chemicals & Fibre 526,798 337,589 – 239,232 625,155 Formosa Petrochemical Corp 184,898 118,863 – 60,489 243,272 Formosa Plastics Corp 676,799 433,951 – 220,751 889,999 Formosa Taffeta Co. 131,500 84,300 – 42,900 172,900 Fosun International Ltd 389,987 249,563 – 127,151 512,399 Foxconn Technology Co Ltd 149,017 95,259 – 48,477 195,799 Fubon Financial Holding Co 1,083,950 694,632 – 353,473 1,425,109 Fullshare Holdings Ltd 1,121,684 719,022 – 365,914 1,474,792 Fuyao Glass Industry Group – H 78,880 50,580 – 25,740 103,720 Galaxy Entertainment Group L 383,629 246,156 – 125,245 504,540

iShares Asia Trust 195 iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Gamuda BHD 302,450 193,889 – 98,670 397,669 GCL-Poly Energy Holdings Ltd 2,016,074 1,292,147 – 657,514 2,650,707 Geely Automobile Holdings Lt 876,299 561,036 – 401,225 1,036,110 Genting BHD 365,237 234,354 – 119,262 480,329 Genting Malaysia BHD 464,138 297,578 – 151,437 610,279 Genting Plantations BHD 42,080 26,975 – 13,728 55,327 Genting Singapore Plc 984,574 631,213 – 321,137 1,294,650 GF Securities Co Ltd – H 236,560 151,740 – 77,220 311,080 Giant Manufacturing 43,708 27,819 – 14,157 57,370 Global Logistic Properties L 424,614 272,289 – 138,567 558,336 Globalwafers Co Ltd – 33,108 – 1,206 31,902 Globe Telecom Inc 6,262 4,215 – 2,145 8,332 Glow Energy PCL (FR) 96,308 61,539 – 31,317 126,530 Golden Agri-Resources Ltd 1,301,782 834,507 – 424,595 1,711,694 Gome Electrical Appliances 2,208,865 1,416,020 – 720,513 2,904,372 Great Wall Motor Company – H 460,200 295,050 – 150,150 605,100 GS Engineering & Construct 9,204 1,960 – 2,534 8,630 GS Holdings 8,321 5,058 – 2,574 10,805 GS Retail Co Ltd 3,842 2,529 – 1,287 5,084 GT Capital Holdings Inc 14,465 9,273 – 4,719 19,019 Guangdong Investment Ltd 456,200 292,521 – 148,863 599,858 Guangzhou Automobile Group – H 336,605 215,808 – 109,824 442,589 Guangzhou R&F Properties – H 157,735 101,160 – 51,480 207,415 Gudang Garam TBK PT 78,796 50,580 – 25,740 103,636 Habib Bank Ltd – 129,832 – 4,824 125,008 Haier Electronics Group Co 218,303 139,938 – 71,214 287,027 Haitian International Hldgs 87,976 56,481 – 28,743 115,714 Haitong Securities Co Ltd – H 495,874 317,811 – 161,733 651,952 Hana Financial Group 48,561 31,191 – 15,873 63,879 Hang Lung Group Ltd 145,080 92,730 – 47,190 190,620 Hang Lung Properties Ltd 354,760 227,610 – 115,830 466,540 Hang Seng Bank Ltd 125,131 80,085 – 40,755 164,461 Hankook Tire Co Ltd 12,267 7,587 – 3,861 15,993 Hanmi Pharm Co Ltd 898 843 76 429 1,388 Hanmi Science Co Ltd 2,214 1,686 182 858 3,224 Hanon Systems 34,397 21,918 – 11,154 45,161 Hanssem Co Ltd 1,628 843 – 429 2,042 Hanwha Chemical Corp 19,516 12,645 – 6,435 25,726 Hanwha Corporation 8,202 5,058 – 2,574 10,686 Hanwha Life Insurance Co Ltd 40,250 26,133 – 13,299 53,084 Hanwha Techwin Co Ltd 6,202 4,215 – 2,145 8,272

196 iShares Asia Trust iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Hap Seng Consolidated 92,560 59,010 – 30,030 121,540 Hartalega Holdings BHD 107,952 69,126 – 35,178 141,900 Henderson Land Development 177,518 113,889 24,164 58,786 256,785 Hengan Intl Group Co Ltd 118,390 75,870 – 38,610 155,650 Hengten Networks Group Ltd 3,638,176 2,315,696 – 5,953,872 – Highwealth Construction Corp 114,092 73,341 – 37,323 150,110 Hiwin Technologies Corp 33,863 21,918 – 11,154 44,627 HK Electric Investments – SS 381,280 244,470 – 124,410 501,340 HKT Trust and HKT Ltd – SS 431,785 665,523 – 289,025 808,283 HM Sampoerna TBK PT 1,512,252 969,387 – 493,235 1,988,404 Home Product Center PCL (FR) 736,400 472,080 – 240,217 968,263 Hon Hai Precision Industry 2,543,997 1,630,928 – 829,908 3,345,017 Hong Kong & China Gas 1,249,170 801,357 170,047 413,800 1,806,774 Hong Kong Exchanges & Clear 188,378 120,549 – 61,347 247,580 Hong Leong Bank Berhad 85,162 54,795 – 27,885 112,072 Hong Leong Financial Group 43,083 27,819 – 14,157 56,745 Hongkong Land Holdings Ltd 193,426 123,921 – 63,063 254,284 Hotai Motor Company Ltd 43,708 27,819 – 14,157 57,370 Hotel Shilla Co Ltd 6,159 4,215 – 2,145 8,229 HTC Corp 109,641 69,969 – 35,607 144,003 Hua Nan Financial Holdings C 1,285,254 823,611 – 419,110 1,689,755 Huaneng Power Intl Inc – H 612,903 392,838 – 199,914 805,827 Huaneng Renewables Corp – H 701,070 449,319 – 228,657 921,732 Huatai Securities Co Ltd – H 192,288 269,570 – 68,128 393,730 Hutchison Port Holdings Tr-U 841,664 539,520 – 274,537 1,106,647 Hyosung Corporation 3,522 2,529 – 1,287 4,764 Hysan Development Co 104,432 66,597 – 33,891 137,138 Hyundai Construction Equipme – 316 – 316 – Hyundai Dept Store Co 2,735 1,686 – 858 3,563 Hyundai Development Co-Engin 8,094 5,058 – 2,574 10,578 Hyundai Electric & Energy Sy – 327 – 327 – Hyundai Engineering & Const 10,073 6,744 – 3,432 13,385 Hyundai Glovis Co Ltd 3,027 1,686 – 858 3,855 Hyundai Heavy Industries 6,768 7,971 – 8,436 6,303 Hyundai Marine & Fire Ins Co 10,025 6,744 – 3,432 13,337 Hyundai Mobis Co Ltd 11,033 6,744 – 3,432 14,345 Hyundai Motor Co 25,322 16,017 – 8,151 33,188 Hyundai Motor Co Ltd – 2nd Prf 5,781 3,372 – 1,716 7,437 Hyundai Motor Co Ltd – Prf 3,724 2,529 – 1,287 4,966 Hyundai Robotics Co Ltd – 1,218 – 67 1,151 Hyundai Steel Co 13,063 8,430 – 4,290 17,203

iShares Asia Trust 197 iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Hyundai Wia Corp 2,839 1,686 – 858 3,667 IHH Healthcare BHD 549,242 352,202 – 179,145 722,299 IJM Corp BHD 462,797 98,560 – 127,424 433,933 Ind & Comm Bk of China – H 12,117,295 7,767,237 – 3,952,276 15,932,256 Indocement Tunggal Prakarsa 271,892 126,530 – 174,141 224,281 Indofood Cbp Sukses Makmur T 429,591 275,604 – 140,260 564,935 Indofood Sukses Makmur TBK P 686,193 439,989 – 223,915 902,267 Indorama Ventures PCL (FR) 267,258 171,129 – 87,087 351,300 Industrial Bank of Korea 40,335 26,133 – 13,299 53,169 Innolux Corp 1,578,103 1,011,537 – 514,685 2,074,955 Intl Container Term Svcs Inc 93,678 59,853 – 30,459 123,072 Inventec Corp 438,208 280,719 – 142,857 576,070 IOI Corp BHD 356,078 228,452 – 116,259 468,271 IOI Properties Group BHD 281,410 295,101 – 104,137 472,374 IRPC PCL – Foreign 1,849,896 1,185,881 – 603,396 2,432,381 Jardine Cycle & Carriage Ltd 15,595 10,104 – 5,148 20,551 Jardine Matheson Hldgs Ltd 40,802 26,103 – 21,164 45,741 Jardine Strategic Hldgs Ltd – 61,827 – 14,482 47,345 Jasa Marga (Persero) TBK PT 405,211 259,644 – 132,132 532,723 JD.Com Inc – ADR 110,065 70,794 – 40,847 140,012 JG Summit Holdings Inc 462,880 296,736 – 151,008 608,608 Jiangsu Express Co Ltd – H 199,685 128,136 – 65,208 262,613 Jiangxi Copper Co Ltd – H 205,982 132,351 – 67,353 270,980 Jollibee Foods Corp 78,900 50,580 – 25,740 103,740 Kakao Corp 4,949 3,372 – 1,716 6,605 Kalbe Farma TBK PT 3,453,981 2,214,144 – 1,126,633 4,541,492 Kangwon Land Inc 18,515 11,802 – 6,006 24,311 Kasikornbank PCL 96,081 29,128 – 96,241 28,968 Kasikornbank PCL – Foreign 199,554 241,139 – 80,891 359,802 KB Financial Group Inc 64,979 41,307 – 21,021 85,265 KCC Corp 1,107 1,185 – 844 1,448 KCE Electronics – NVDR 47,296 30,348 – 15,444 62,200 Kepco Plant Service & Engine 4,152 2,529 – 1,287 5,394 Keppel Corp Ltd 241,792 155,112 – 78,936 317,968 Kerry Properties Ltd 109,069 69,969 – 35,607 143,431 KIA Motors Corp 43,179 27,819 – 14,157 56,841 Kingsoft Corp Ltd 124,123 79,242 – 40,326 163,039 Korea Aerospace Industries 9,618 9,252 – 3,633 15,237 Korea Electric Power Corp 40,939 26,133 – 13,299 53,773 Korea Gas Corporation 5,156 3,372 – 1,716 6,812 Korea Investment Holdings Co 7,375 5,058 – 2,574 9,859

198 iShares Asia Trust iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Korea Zinc Co Ltd 1,398 843 – 429 1,812 Korean Air Lines Co Ltd 6,471 6,608 – 2,517 10,562 Krung Thai Bank PCL (FR) 644,350 413,070 – 210,210 847,210 KT Corp 1,648 – – – 1,648 KT&G Corp 19,525 12,645 – 6,435 25,735 Kuala Lumpur Kepong BHD 69,904 44,678 – 22,737 91,845 Kumho Petrochemical Co Ltd 2,629 1,622 – 812 3,439 Kunlun Energy Co Ltd 497,639 318,654 – 162,162 654,131 Lafarge Malaysia BHD 71,010 45,194 – 116,204 – Largan Precision Co Ltd 16,258 10,116 – 5,148 21,226 Lenovo Group Ltd 1,225,744 785,619 – 399,805 1,611,558 LG Chem Ltd 7,669 5,058 – 2,574 10,153 LG Chem Ltd – Preference 1,418 843 – 429 1,832 LG Corp 15,883 10,116 – 5,148 20,851 LG Display Co Ltd 39,658 25,290 – 12,870 52,078 LG Electronics Inc 17,408 10,959 – 5,577 22,790 LG Household & Health – Pref 296 – – – 296 LG Household & Health Care 1,523 843 – 429 1,937 LG Innotek Co Ltd 2,630 1,686 – 858 3,458 LG Uplus Corp 35,077 14,635 – 26,107 23,605 Li & Fung Ltd 1,051,602 674,206 – 343,016 1,382,792 Link Reit 367,973 236,040 – 120,120 483,893 Lippo Karawaci TBK PT 3,620,710 2,320,585 – 1,180,837 4,760,458 Lite-On Technology Corp 341,813 219,180 – 111,540 449,453 Longfor Properties 262,900 168,600 – 85,800 345,700 Lotte Chemical Corp 2,528 1,686 – 858 3,356 Lotte Chilsung Beverage Co 95 – – – 95 Lotte Confectionery Co Ltd 996 843 – 429 1,410 Lotte Shopping Co 1,830 843 – 429 2,244 Lucky Cement – 100 – – 100 Malayan Banking BHD 541,990 347,316 – 176,748 712,558 Malaysia Airports Hldgs BHD 122,270 78,398 – 39,897 160,771 Matahari Department Store TB 388,114 248,685 – 126,555 510,244 Maxis BHD 307,446 197,262 – 100,386 404,322 MCB Bank Ltd – 86,188 – 3,216 82,972 Media Nusantara Citra TBK PT 931,016 596,844 – 303,709 1,224,151 Mediatek Inc 242,460 155,112 – 78,936 318,636 Medy-Tox Inc – 941 – 67 874 Mega Financial Holding Co Lt 1,775,744 1,137,993 – 579,127 2,334,610 Megaworld Corp 2,104,105 1,348,628 – 686,200 2,766,533

iShares Asia Trust 199 iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Melco Resorts & Entert – ADR (formerly known as Melco Crown Entertainme – ADR) 31,359 35,232 – 10,296 56,295 Merida Industry Co Ltd 43,708 27,819 – 14,157 57,370 Metro Pacific Investments Co 2,454,792 1,573,661 – 800,736 3,227,717 Metropolitan Bank & Trust 105,618 67,440 – 34,320 138,738 MGM China Holdings Ltd 174,969 112,119 – 57,057 230,031 Micro-Star International Co 111,935 71,655 – 36,465 147,125 Minor International PCL – Foreign 315,600 202,320 – 102,960 414,960 Minth Group Ltd – 150,504 – 5,628 144,876 Mirae Asset Daewoo Co Ltd 33,084 66,778 – 19,734 80,128 Mirae Asset Securities Co Lt 10,935 – – 10,935 – MISC BHD 206,142 132,351 – 67,353 271,140 Momo Inc – Spon ADR – 19,382 – 737 18,645 MTR Corp 239,352 153,426 – 78,078 314,700 Nan Ya Plastics Corp 775,932 497,370 – 253,110 1,020,192 Nanya Technology Corp 112,784 72,498 – 36,894 148,388 Naver Corp 4,525 2,720 – 1,454 5,791 Ncsoft Corp 2,837 1,686 – 858 3,665 Netease Inc – ADR 13,038 8,430 – 4,290 17,178 Netmarble Games Corp – 3,748 – 134 3,614 New China Life Insurance C – H 128,892 82,614 – 42,042 169,464 New Oriental Educatio – SP ADR 22,022 14,331 – 7,293 29,060 New World Development 952,655 610,332 – 310,596 1,252,391 NH Investment & Securities C 26,091 16,860 – 8,580 34,371 Nien Made Enterprise Co Ltd 25,005 15,986 – 8,151 32,840 Nine Dragons Paper Holdings 306,369 149,694 – 182,507 273,556 Novatek Microelectronics Cor 87,792 56,481 – 28,743 115,530 NWS Holdings Ltd 257,321 165,228 – 84,084 338,465 OBI Pharma Inc 16,973 10,959 – 5,577 22,355 OCI Co Ltd 2,943 1,686 – 858 3,771 Oil & Gas Development Co Ltd – 142,674 – 5,293 137,381 Orion Holdings (formerly known as Orion Corp) 514 – – – 514 Ottogi Corporation 105 – – – 105 Oversea-Chinese Banking Corp 509,742 326,890 – 166,268 670,364 Pakuwon Jati TBK PT 3,969,098 2,543,923 – 1,294,492 5,218,529 Pan Ocean Co Ltd – 47,280 – 1,742 45,538 PCCW Ltd 745,227 477,809 – 243,066 979,970 Pegatron Corp 306,708 196,419 – 99,957 403,170 People’s Insurance Co Grou – H 1,226,872 786,456 – 400,234 1,613,094 Perusahaan Gas Negara Perser 1,786,139 1,144,737 – 582,559 2,348,317 Petrochina Co Ltd – H 3,449,056 2,210,906 – 1,125,037 4,534,925

200 iShares Asia Trust iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Petronas Chemicals Group BHD 382,671 245,313 – 124,839 503,145 Petronas Dagangan BHD 27,976 17,703 – 9,009 36,670 Petronas Gas BHD 112,797 72,498 – 36,894 148,401 Phison Electronics Corp 17,408 10,959 – 5,577 22,790 PICC Property & Casualty – H 755,727 484,531 – 246,491 993,767 Ping An Insurance Group Co – H 858,240 550,259 – 279,953 1,128,546 PLDT Inc 15,788 10,116 – 5,148 20,756 POSCO 11,575 8,164 – 3,861 15,878 POSCO Daewoo Corp 8,307 5,058 – 2,574 10,791 Pou Chen 394,500 252,900 – 128,700 518,700 Power Assets Holdings Ltd 226,414 144,996 – 73,788 297,622 Powertech Technology Inc 98,225 63,225 – 32,175 129,275 PPB Group Berhad 87,792 56,480 – 28,743 115,529 President Chain Store Corp 87,792 56,481 – 28,743 115,530 PTT Exploration & Production PCL (FR) 225,368 144,153 – 73,359 296,162 PTT Global Chemical PCL (FR) 306,708 196,419 – 99,957 403,170 PTT PCL (FR) 162,856 104,532 – 53,196 214,192 Public Bank Berhad 440,838 280,395 – 121,270 599,963 Quanta Computer Inc 441,553 283,248 – 144,121 580,680 Qunar Cayman Islands Ltd – ADR 5,761 880 – 6,641 – Realtek Semiconductor Corp 87,792 56,481 – 28,743 115,530 RHB Bank BHD 146,866 94,416 – 48,048 193,234 Robinson PCL – NVDR (formerly known as Robinson Dept Store – NVDR) 82,437 53,109 – 27,027 108,519 Robinsons Land Co 269,575 172,815 – 87,945 354,445 Ruentex Development Co Ltd 157,800 101,160 – 51,480 207,480 Ruentex Industries Ltd 87,792 56,481 – 28,743 115,530 S-1 Corporation 3,632 2,529 – 1,287 4,874 Samsung Biologics Co Ltd 2,711 1,686 – 858 3,539 Samsung C&T Corp 12,267 7,587 – 3,861 15,993 Samsung Card Co 6,470 4,215 – 2,145 8,540 Samsung Electro-Mechanics Co 9,090 5,901 – 3,003 11,988 Samsung Electronics – Pref 2,856 1,686 – 858 3,684 Samsung Electronics Co Ltd 16,194 10,193 – 5,327 21,060 Samsung Fire & Marine Ins 5,362 3,372 – 1,716 7,018 Samsung Heavy Industries 41,612 26,976 – 13,728 54,860 Samsung Life Insurance Co Lt 11,427 7,587 – 3,861 15,153 Samsung Sdi Co Ltd 9,100 5,901 – 3,003 11,998 Samsung Sds Co Ltd 5,677 3,372 – 1,716 7,333 Samsung Securities Co Ltd 10,521 8,989 – 3,804 15,706 Sands China Ltd 397,225 254,586 – 129,558 522,253

iShares Asia Trust 201 iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Sapura Energy BHD (formerly known as Sapurakencana Petroleum BHD) 609,259 390,309 – 198,627 800,941 Sats Ltd 111,052 70,812 – 36,036 145,828 Security Bank Corp 19,618 12,645 – 6,435 25,828 Sembcorp Industries Ltd 179,771 115,491 – 58,773 236,489 Semen Indonesia Persero TBK 485,598 311,067 – 158,301 638,364 Semiconductor Manufacturing 426,866 273,755 – 139,241 561,380 Shandong Weigao Gp Medical – H 348,375 223,395 – 113,685 458,085 Shanghai Electric Grp Co L – H 524,672 336,357 – 171,171 689,858 Shanghai Fosun Pharmaceuti – H 65,600 42,150 – 21,450 86,300 Shanghai Industrial Hldg Ltd 87,103 55,638 – 28,314 114,427 Shanghai Lujiazui Fin&Trad – B 119,310 75,200 – 38,823 155,687 Shanghai Pharmaceuticals – H 127,191 81,771 – 41,613 167,349 Shangri-La Asia Ltd 200,256 128,136 – 65,208 263,184 Shenzhou International Group 87,103 55,638 – 28,314 114,427 Shimao Property Holdings Ltd 193,800 123,921 – 63,063 254,658 Shin Kong Financial Holding 1,505,573 965,063 – 491,028 1,979,608 Shinhan Financial Group Ltd 69,743 44,679 – 22,737 91,685 Shinsegae Inc 1,314 843 – 429 1,728 Siam Cement PCL – NVDR 17,982 11,802 – 6,006 23,778 Siam Cement Pub Co (FR) 49,891 32,034 – 16,302 65,623 Siam Commercial Bank PCL (FR) 291,005 186,303 – 94,809 382,499 Sihuan Pharmaceutical Hldgs – 838,802 – 31,289 807,513 Siliconware Precision Inds 343,376 220,023 – 111,969 451,430 Sime Darby Berhad 380,788 244,250 – 124,226 500,812 Sina Corp 9,324 18,550 – 15,652 12,222 Singapore Airlines Ltd 87,731 56,481 – 28,743 115,469 Singapore Exchange Ltd 121,254 77,556 – 39,468 159,342 Singapore Press Holdings Ltd 11,800 85,400 – – 97,200 Singapore Tech Engineering 259,428 166,071 – 84,513 340,986 Singapore Telecommunications 1,324,409 848,844 – 431,980 1,741,273 Sino Biopharmaceutical 788,068 504,957 – 256,971 1,036,054 Sino Land Co 524,672 336,357 – 171,171 689,858 Sino-Ocean Group Holding Ltd 239,551 867,450 – 465,241 641,760 Sinopac Financial Holdings 1,582,238 1,014,072 – 516,064 2,080,246 Sinopec Engineering Group – H 218,803 139,938 – 71,214 287,527 Sinopec Shanghai Petrochem – H 612,903 392,838 – 199,914 805,827 Sinopharm Group Co – H 195,513 125,607 – 63,921 257,199 Sinotrans Limited – H 350,631 223,422 – 574,053 – SJM Holdings Ltd 350,631 225,024 – 114,520 461,135

202 iShares Asia Trust iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) SK Holdings Co Ltd 7,588 5,046 – 5,880 6,754 SK Hynix Inc 95,571 61,539 – 31,317 125,793 SK Innovation Co Ltd 10,729 6,744 – 3,432 14,041 SK Networks Co Ltd 20,935 13,488 – 6,864 27,559 SK Telecom 3,045 1,686 – 858 3,873 SM Investments Corp 37,905 24,447 – 12,441 49,911 SM Prime Holdings Inc 1,348,189 864,075 – 439,702 1,772,562 Soho China Ltd 394,100 252,843 – 128,677 518,266 S-Oil Corp 6,985 4,215 – 2,145 9,055 Standard Foods Corp 64,251 41,307 – 21,021 84,537 Starhub Ltd 109,369 22,576 – 22,991 108,954 Summarecon Agung TBK PT 1,863,046 1,194,311 – 607,686 2,449,671 Sun Art Retail Group Ltd 390,461 250,371 – 127,413 513,419 Sun Hung Kai Properties 237,823 152,583 – 77,649 312,757 Sunac China Holdings Ltd 350,631 225,024 – 114,520 461,135 Sunny Optical Tech 117,392 75,027 – 38,181 154,238 Suntec Reit 438,169 1,201,013 – 1,063,151 576,031 Surya Citra Media PT TBK 1,078,302 691,203 – 351,757 1,417,748 Swire Pacific Ltd – Cl A 89,109 57,264 – 46,502 99,871 Swire Properties Ltd 189,527 121,392 – 61,776 249,143 Synnex Technology Intl Corp 231,657 148,368 – 75,504 304,521 Taimed Biologics Inc 25,005 16,017 – 7,619 33,403 Taishin Financial Holding 1,386,883 889,145 – 452,411 1,823,617 Taiwan Business Bank 634,801 407,112 – 207,184 834,729 Taiwan Cement 552,123 362,505 – 162,847 751,781 Taiwan Cooperative Financial 1,280,741 821,019 – 417,731 1,684,029 Taiwan Fertilizer Co Ltd 131,500 84,300 – 42,900 172,900 Taiwan High Speed Rail Corp – 373,248 – 13,936 359,312 Taiwan Mobile Co Ltd 263,000 168,600 – 85,800 345,800 Taiwan Semiconductor Manufac 4,033,490 2,585,074 – 1,359,838 5,258,726 Tal Education Group – ADR 6,876 4,215 – 2,145 8,946 Techtronic Industries Co Ltd 236,260 151,740 – 77,220 310,780 Teco Electric & Machinery 350,792 225,081 – 114,543 461,330 Telekom Malaysia BHD 206,142 132,350 – 67,353 271,139 Telekomunikasi Indonesia Per 8,244,947 5,284,961 – 2,689,250 10,840,658 Tenaga Nasional BHD 553,812 354,903 – 180,609 728,106 Tencent Holdings Ltd 929,974 595,971 – 312,068 1,213,877 Thai Oil PCL – Foreign 148,908 95,259 – 48,477 195,690 Thai Union Group PCL – Foreign 350,792 225,081 – 114,543 461,330 Tingyi (Cayman Isln) Hldg Co 350,631 225,024 – 114,520 461,135

iShares Asia Trust 203 iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) TMB Bank PCL – Foreign 2,443,371 1,566,100 – 796,875 3,212,596 Tower Bersama Infrastructure 355,050 227,610 – 115,830 466,830 Transcend Information Inc 31,356 61,524 – 51,588 41,292 Travelsky Technology Ltd – H 131,200 84,300 – 42,900 172,600 True Corp PCL (FR) 1,615,028 1,035,141 – 526,789 2,123,380 Tsingtao Brewery Co Ltd – H 48,803 31,191 – 15,873 64,121 UMW Holdings BHD 109,458 213,789 – 179,427 143,820 UMW Oil & Gas Corp BHD – 148,307 – – 148,307 Unilever Indonesia TBK PT 253,708 162,699 – 82,797 333,610 Uni-President Enterprises Co 792,011 507,486 – 258,258 1,041,239 United Bank Ltd – 108,360 – 4,020 104,340 United Microelectronics Corp 1,841,103 1,180,028 – 600,457 2,420,674 United Overseas Bank Ltd 214,777 137,409 – 69,927 282,259 United Tractors TBK PT 261,824 167,757 – 85,371 344,210 Universal Robina Corp 141,901 91,044 – 46,332 186,613 UOL Group Ltd 87,731 56,481 – 28,743 115,469 Vanguard International Semi 157,800 101,160 – 51,480 207,480 Vipshop Holdings Ltd – ADR 65,977 42,150 – 21,450 86,677 Want Want China Holdings Ltd 952,824 610,109 – 553,394 1,009,539 Waskita Karya Persero TBK PT 781,921 501,365 – 255,071 1,028,215 Weibo Corp – Spon ADR 5,277 4,643 – 1,783 8,137 Weichai Power Co Ltd – H 175,169 112,119 230,231 57,057 460,462 Westports Holdings BHD 188,358 120,548 – 61,347 247,559 WH Group Ltd 1,272,823 815,961 – 415,157 1,673,627 Wharf Holdings Ltd 218,829 139,842 – 100,142 258,529 Wheelock & Co Ltd 131,200 84,300 – 42,900 172,600 Wilmar International Ltd 312,508 200,577 – 102,079 411,006 Wistron Corp 401,016 257,115 – 130,845 527,286 Woori Bank 48,774 31,191 – 15,873 64,092 WPG Holdings Ltd 263,000 168,600 – 85,800 345,800 Wynn Macau Ltd 255,097 163,542 – 83,226 335,413 Xl Axiata TBK PT 557,560 357,432 – 181,896 733,096 Yangzijiang Shipbuilding 355,040 227,610 – 115,830 466,820 Yanzhou Coal Mining Co – H 350,631 225,024 – 114,520 461,135 YTL Corp BHD 793,355 508,329 – 258,687 1,042,997 YTL Power International BHD 344,530 220,866 – 112,398 452,998 Yuanta Financial Holding Co 1,619,279 1,037,733 – 528,076 2,128,936 Yue Yuen Industrial Hldg 131,200 84,300 – 42,900 172,600 Yuhan Corp 1,270 843 – 429 1,684 Yulon Motor Company 157,800 101,160 – 51,480 207,480

204 iShares Asia Trust iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Yum China Holdings Inc 65,437 39,035 – 26,490 77,982 YY Inc – ADR 4,863 3,372 – 1,716 6,519 Zhejiang Expressway Co – H 262,272 167,757 – 85,371 344,658 Zhen Ding Technology Holding 52,600 33,720 – 17,160 69,160 Zhuzhou CRRC Times Electri – H 87,731 56,481 – 28,743 115,469 Zijin Mining Group Co Ltd – H 1,051,602 674,206 – 343,016 1,382,792 ZTE Corp – H 140,311 90,201 – 45,903 184,609 Exchange traded funds iShares MSCI India ETF – 2,460,895 – 626,284 1,834,611 iShares MSCI India Index ETF 7,873,881 – – 4,183,934 3,689,947 Listed rights IOI Properties Group BHD – Rights – – 80,892 80,892 – Korean Air Lines Co Ltd – Rights – – 1,795 1,795 – Samsung Securities Co Ltd – Rights – – 1,647 1,647 – Unlisted equities RHB Capital BHD 41,075 – – – 41,075 Unlisted rights Advanced Semiconductor Engr – Rights – – 36,062 36,062 – Bank of Communications Co – H – Rights – – 2,745 2,745 – BDO Unibank Inc – Rights – – 50,836 50,836 – Cathay Financial Holding Co – Rights 59,437 – – 59,437 – China Everbright Intl Ltd – Rights – – 4,205 4,205 – E.Sun Financial Holding Co – Rights – – 76,486 76,486 – Taishin Financial Holding – Rights 44,191 – – 44,191 –

iShares Asia Trust 205 iShares Core MSCI AC Asia ex Japan Index ETF (a Sub-Fund of iShares Asia Trust) Performance Record (unaudited)

Net Asset Value

Dealing Dealing Net asset value Net asset value per unit of the Sub-Fund HK$ HK$ At end of financial period dated 31st December 2015 38.32 91,969,720 31st December 2016 40.04 4,212,113,896 30th June 2017 49.49 6,845,439,552

Highest and lowest net asset value per unit

Highest net asset Lowest net asset value per unit value per unit HK$ HK$ Financial period ended 31st December 2009 (since inception) 35.66 20.00 31st December 2010 40.74 31.39 31st December 2011 42.76 30.78 31st December 2012 41.51 33.48 31st December 2013 43.78 35.61 31st December 2014 46.45 38.33 31st December 2015 49.56 36.60 31st December 2016 43.99 33.73 30th June 2017 49.92 40.30

206 iShares Asia Trust iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) As at 30th June 2017

Fair value % of Investments (99.48%) Holdings HK$ Net Assets Listed Equities (87.52%) China (38.14%) 58.Com Inc – ADR 439 151,166 0.10 AAC Technologies Holdings In 4,470 436,272 0.29 Agricultural Bank of China – H 133,942 494,246 0.33 Alibaba Group Holding – SP ADR 6,338 6,971,349 4.70 Alibaba Health Information T 13,500 50,220 0.03 Alibaba Pictures Group Ltd 58,333 75,833 0.05 Aluminum Corp of China Ltd – H 17,032 68,128 0.05 Anhui Conch Cement Co Ltd – H 8,432 228,929 0.15 Anta Sports Products Ltd 5,250 135,450 0.09 Avichina Industry & Tech – H 12,000 54,960 0.04 Baidu Inc – Spon ADR 1,528 2,133,488 1.44 Bank of China Ltd – H 454,812 1,741,930 1.17 Bank of Communications Co – H 56,557 311,629 0.21 Beijing Capital Intl Airpo – H 14,577 160,347 0.11 Beijing Enterprises Hldgs 4,159 156,586 0.11 Beijing Enterprises Water Gr 28,042 169,935 0.12 Belle International Holdings 30,000 184,800 0.13 Brilliance China Automotive 21,000 298,620 0.20 BYD Co Ltd – H 4,132 197,923 0.13 CGN Power Co Ltd – H 57,501 125,352 0.08 China Cinda Asset Manageme – H 42,501 123,678 0.08 China Citic Bank Corp Ltd – H 33,000 157,740 0.11 China Coal Energy Co – H 22,791 86,150 0.06 China Communications Const – H 27,396 275,604 0.19 China Conch Venture Holdings 4,812 68,812 0.05 China Construction Bank – H 455,134 2,753,561 1.86 China Everbright Intl Ltd 17,992 175,242 0.12 China Everbright Ltd 9,286 157,862 0.11 China Evergrande Group 32,812 460,024 0.31 China Galaxy Securities Co – H 21,094 147,658 0.10 China Gas Holdings Ltd 15,000 236,400 0.16 China Huarong Asset Manage – H 28,000 84,840 0.06 China Huishan Dairy Holdings 11,250 0 0.00 China Life Insurance Co – H 42,359 1,010,262 0.68 China Longyuan Power Group – H 21,086 119,768 0.08 China Medical System Holding 10,500 141,750 0.10 China Mengniu Dairy Co 17,404 266,281 0.18 China Merchants Bank – H 24,008 565,388 0.38 China Merchants Port Holding 7,942 171,944 0.12 China Minsheng Banking – H 40,444 315,059 0.21 China Mobile Ltd 34,807 2,883,760 1.94

iShares Asia Trust 207 iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.48%) (Continued) Holdings HK$ Net Assets Listed Equities (87.52%) (Continued) China (38.14%) (Continued) China National Building Ma – H 22,500 104,400 0.07 China Oilfield Services – H 10,252 64,178 0.04 China Overseas Land & Invest 23,437 535,535 0.36 China Pacific Insurance Gr – H 15,750 502,425 0.34 China Petroleum & Chemical – H 144,038 877,191 0.59 China Railway Construction – H 13,462 137,043 0.09 China Railway Group Ltd – H 26,346 162,028 0.11 China Resources Beer Holdin 10,539 207,618 0.14 China Resources Gas Group Lt 5,216 139,006 0.09 China Resources Land Ltd 18,334 417,098 0.28 China Resources Power Holdin 11,332 173,606 0.12 China Shenhua Energy Co – H 21,068 366,162 0.25 China State Construction Int 6,631 88,590 0.06 China Taiping Insurance Hold 11,158 220,705 0.15 China Telecom Corp Ltd – H 92,499 343,171 0.23 China Unicom Hong Kong Ltd 39,675 460,230 0.31 China Vanke Co Ltd – H 7,500 165,750 0.11 Chongqing Changan Automobi – B 7,834 80,690 0.05 Chongqing Rural Commercial – H 18,744 98,781 0.07 Citic Ltd 27,917 327,746 0.22 Citic Securities Co Ltd – H 7,312 118,016 0.08 CNOOC Ltd 104,147 890,457 0.60 Cosco Shipping Ports Ltd 14,307 131,052 0.09 Country Garden Holdings Co 24,213 219,128 0.15 CRRC Corp Ltd – H 23,062 161,895 0.11 CSPC Pharmaceutical Group Lt 32,209 367,183 0.25 Ctrip.Com International – ADR 1,929 811,058 0.55 Dongfeng Motor Grp Co Ltd – H 20,548 189,658 0.13 ENN Energy Holdings Ltd 4,189 197,302 0.13 Far East Horizon Ltd 11,666 79,445 0.05 Fosun International Ltd 17,699 215,928 0.15 Fullshare Holdings Ltd 37,500 117,000 0.08 Fuyao Glass Industry Group – H 2,800 83,720 0.06 GCL-Poly Energy Holdings Ltd 57,817 49,144 0.03 Geely Automobile Holdings Lt 32,083 540,278 0.36 GF Securities Co Ltd – H 7,500 117,600 0.08 Gome Electrical Appliances 93,750 90,000 0.06 Great Wall Motor Company – H 13,566 130,776 0.09 Guangdong Investment Ltd 20,698 222,710 0.15 Guangzhou Automobile Group – H 6,000 82,200 0.06 Haier Electronics Group Co 6,869 139,441 0.09

208 iShares Asia Trust iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.48%) (Continued) Holdings HK$ Net Assets Listed Equities (87.52%) (Continued) China (38.14%) (Continued) Haitong Securities Co Ltd – H 13,333 168,262 0.11 Hanergy Thin Film Power Grou 57,143 1 0.00 Hengan Intl Group Co Ltd 5,220 300,672 0.20 Huaneng Power Intl Inc – H 22,432 121,581 0.08 Huatai Securities Co Ltd – H 3,187 47,805 0.03 Ind & Comm Bk of China – H 413,975 2,181,648 1.47 JD.Com Inc – ADR 3,928 1,202,632 0.81 Jiangsu Express Co Ltd – H 5,488 60,478 0.04 Jiangxi Copper Co Ltd – H 9,030 115,765 0.08 Kingsoft Corp Ltd 3,750 76,313 0.05 Kunlun Energy Co Ltd 21,000 139,020 0.09 Lenovo Group Ltd 43,500 214,455 0.14 Netease Inc – ADR 451 1,058,431 0.71 New China Life Insurance C – H 5,001 198,540 0.13 New Oriental Educatio – SP ADR 760 418,210 0.28 Nine Dragons Paper Holdings 11,250 117,000 0.08 People’s Insurance Co Grou – H 24,999 81,997 0.06 Petrochina Co Ltd – H 116,692 557,788 0.38 PICC Property & Casualty – H 21,517 280,582 0.19 Ping An Insurance Group Co – H 31,037 1,596,854 1.08 Semiconductor Manufacturing 19,275 174,439 0.12 Shandong Weigao Gp Medical – H 9,238 56,629 0.04 Shanghai Electric Grp Co L – H 10,000 37,500 0.03 Shanghai Fosun Pharmaceuti – H 1,875 56,719 0.04 Shanghai Lujiazui Fin&Trad – B 3,728 46,680 0.03 Shanghai Pharmaceuticals – H 4,492 104,439 0.07 Shenzhou International Group 3,549 182,064 0.12 Shimao Property Holdings Ltd 10,781 144,034 0.10 Sina Corp 320 212,260 0.14 Sino Biopharmaceutical 26,932 185,831 0.13 Sino-Ocean Group Holding Ltd 20,888 79,792 0.05 Sinopec Shanghai Petrochem – H 33,353 139,416 0.09 Sinopharm Group Co – H 6,787 239,581 0.16 Soho China Ltd 14,163 54,528 0.04 Sunny Optical Tech 4,000 280,000 0.19 Tal Education Group – ADR 241 230,108 0.16 Tencent Holdings Ltd 31,072 8,675,302 5.85 Tingyi (Cayman Isln) Hldg Co 14,407 133,409 0.09 Travelsky Technology Ltd – H 2,812 64,676 0.04 Tsingtao Brewery Co Ltd – H 2,842 98,191 0.07 Vipshop Holdings Ltd – ADR 2,294 188,929 0.13

iShares Asia Trust 209 iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.48%) (Continued) Holdings HK$ Net Assets Listed Equities (87.52%) (Continued) China (38.14%) (Continued) Want Want China Holdings Ltd 38,032 200,429 0.14 Weibo Corp – Spon ADR 213 110,525 0.07 Yum China Holdings Inc 2,321 714,423 0.48 YY Inc – ADR 167 75,652 0.05 Zhejiang Expressway Co – H 7,299 74,450 0.05 Zhuzhou CRRC Times Electri – H 3,594 137,650 0.09 Zijin Mining Group Co Ltd – H 38,332 98,897 0.07 ZTE Corp – H 2,340 43,618 0.03 56,553,095 38.14 Indonesia (3.56%) Adaro Energy TBK PT 92,600 85,699 0.06 Astra International TBK PT 122,863 642,295 0.43 Bank Central Asia TBK PT 69,551 739,409 0.50 Bank Danamon Indonesia TBK 31,875 95,686 0.07 Bank Mandiri Persero TBK PT 57,112 426,523 0.29 Bank Negara Indonesia Perser 50,625 195,710 0.13 Bank Rakyat Indonesia Perser 67,532 603,232 0.41 Charoen Pokphand Indonesi PT 41,250 76,835 0.05 Gudang Garam TBK PT 1,875 85,994 0.06 HM Sampoerna TBK PT 16,406 36,901 0.03 Indocement Tunggal Prakarsa 5,625 60,789 0.04 Indofood Sukses Makmur TBK P 37,500 188,901 0.13 Jasa Marga (Persero) TBK PT 20,012 62,712 0.04 Kalbe Farma TBK PT 138,382 131,716 0.09 Lippo Karawaci TBK PT 94,252 36,437 0.02 Matahari Department Store TB 18,008 149,518 0.10 Media Nusantara Citra TBK PT 29,746 32,059 0.02 Pakuwon Jati TBK PT 135,900 48,955 0.03 Perusahaan Gas Negara Perser 90,000 118,612 0.08 Semen Indonesia Persero TBK 15,000 87,861 0.06 Summarecon Agung TBK PT 48,000 36,269 0.02 Surya Citra Media PT TBK 29,347 44,521 0.03 Telekomunikasi Indonesia Per 322,481 853,783 0.58 Tower Bersama Infrastructure 15,652 62,342 0.04 Unilever Indonesia TBK PT 8,719 249,225 0.17 United Tractors TBK PT 7,500 120,589 0.08 5,272,573 3.56

210 iShares Asia Trust iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.48%) (Continued) Holdings HK$ Net Assets Listed Equities (87.52%) (Continued) Malaysia (2.98%) Airasia BHD 9,375 55,409 0.04 Alliance Financial Group BHD 7,350 51,461 0.03 AMMB Holdings BHD 6,900 61,235 0.04 Axiata Group Berhad 8,152 71,604 0.05 British American Tobacco BHD 600 47,377 0.03 Cimb Group Holdings BHD 25,404 303,988 0.20 Digi.Com BHD 31,932 290,352 0.20 Felda Global Ventures 12,700 39,494 0.03 Gamuda BHD 6,000 60,013 0.04 Genting BHD 9,733 166,558 0.11 Genting Malaysia BHD 24,474 244,791 0.17 Genting Plantations BHD 1,500 30,115 0.02 Hap Seng Consolidated 2,812 47,200 0.03 IHH Healthcare BHD 18,584 194,328 0.13 IJM Corp BHD 11,062 69,605 0.05 IOI Corp BHD 28,260 228,697 0.15 IOI Properties Group BHD 44,936 179,782 0.12 Kuala Lumpur Kepong BHD 2,751 124,471 0.08 Malayan Banking BHD 22,140 387,732 0.26 Maxis BHD 6,656 67,179 0.04 MISC BHD 2,200 29,846 0.02 Petronas Chemicals Group BHD 11,291 145,787 0.10 Petronas Gas BHD 2,437 82,166 0.06 Public Bank Berhad 12,669 468,160 0.32 Sapura Energy BHD (formerly known as Sapurakencana Petroleum BHD) 28,294 81,812 0.05 Sime Darby Berhad 17,940 309,938 0.21 Tenaga Nasional BHD 19,387 498,527 0.34 UMW Holdings BHD 4,200 45,599 0.03 UMW Oil & Gas Corp BHD 4,331 3,466 0.00 YTL Corp BHD 14,812 39,327 0.03 4,426,019 2.98 Philippines (1.61%) Aboitiz Equity Ventures Inc 12,000 141,370 0.10 Alliance Global Group Inc 37,725 83,459 0.06 Ayala Corporation 1,627 213,950 0.14 Ayala Land Inc 30,375 186,792 0.13 Bank of The Philippine Islan 4,372 70,343 0.05 BDO Unibank Inc 15,701 301,200 0.20 Energy Development Corp 81,750 76,515 0.05

iShares Asia Trust 211 iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.48%) (Continued) Holdings HK$ Net Assets Listed Equities (87.52%) (Continued) Philippines (1.61%) (Continued) GT Capital Holdings Inc 192 35,941 0.02 Intl Container Term Svcs Inc 8,906 134,750 0.09 JG Summit Holdings Inc 15,910 199,371 0.13 Jollibee Foods Corp 5,325 168,057 0.11 Metro Pacific Investments Co 24,400 24,121 0.02 Metropolitan Bank & Trust 5,887 79,691 0.05 PLDT Inc 533 148,260 0.10 SM Investments Corp 935 116,154 0.08 SM Prime Holdings Inc 42,000 214,422 0.15 Universal Robina Corp 7,500 189,012 0.13 2,383,408 1.61 South Korea (21.58%) Amorepacific Corp 191 396,166 0.27 Amorepacific Corp – Pref 21 26,650 0.02 Amorepacific Group 123 109,099 0.07 BGF Retail Co Ltd 86 59,264 0.04 BNK Financial Group Inc 1,597 119,314 0.08 Celltrion Inc 531 417,004 0.28 Cheil Worldwide Inc 334 41,931 0.03 CJ Cheiljedang Corp 37 91,260 0.06 CJ Corp 111 143,517 0.10 CJ E&M Corp 59 30,514 0.02 CJ Korea Express Corp 21 25,862 0.02 Coway Co Ltd 322 228,486 0.15 Daelim Industrial Co Ltd 172 104,445 0.07 Dongbu Insurance Co Ltd 170 78,873 0.05 E-Mart Inc 160 255,996 0.17 GS Engineering & Construct 289 60,042 0.04 GS Holdings 143 66,541 0.05 GS Retail Co Ltd 82 28,869 0.02 Hana Financial Group 1,674 516,826 0.35 Hankook Tire Co Ltd 352 152,746 0.10 Hanmi Pharm Co Ltd 31 78,894 0.05 Hanmi Science Co Ltd 63 36,279 0.02 Hanon Systems 393 27,619 0.02 Hanssem Co Ltd 35 43,940 0.03 Hanwha Chemical Corp 877 180,708 0.12 Hanwha Corporation 412 133,244 0.09 Hanwha Techwin Co Ltd 210 63,760 0.04 Hotel Shilla Co Ltd 215 83,762 0.06

212 iShares Asia Trust iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.48%) (Continued) Holdings HK$ Net Assets Listed Equities (87.52%) (Continued) South Korea (21.58%) (Continued) Hyosung Corporation 97 110,856 0.08 Hyundai Dept Store Co 120 90,472 0.06 Hyundai Development Co-Engin 327 104,750 0.07 Hyundai Engineering & Const 472 148,300 0.10 Hyundai Glovis Co Ltd 74 79,269 0.05 Hyundai Heavy Industries 219 263,730 0.18 Hyundai Marine & Fire Ins Co 368 98,801 0.07 Hyundai Mobis Co Ltd 419 714,701 0.48 Hyundai Motor Co 866 942,430 0.64 Hyundai Motor Co Ltd – 2nd Prf 42 33,385 0.02 Hyundai Robotics Co Ltd 46 121,305 0.08 Hyundai Steel Co 508 215,588 0.15 Hyundai Wia Corp 82 39,052 0.03 Industrial Bank of Korea 872 84,782 0.06 Kakao Corp 172 119,115 0.08 Kangwon Land Inc 652 155,032 0.10 KB Financial Group Inc 2,208 869,252 0.59 KCC Corp 47 139,976 0.09 Kepco Plant Service & Engine 94 28,316 0.02 KIA Motors Corp 1,660 432,655 0.29 Korea Aerospace Industries 312 121,339 0.08 Korea Electric Power Corp 1,429 397,798 0.27 Korea Investment Holdings Co 391 187,010 0.13 Korea Zinc Co Ltd 58 180,453 0.12 Korean Air Lines Co Ltd 532 140,473 0.10 KT&G Corp 599 478,171 0.32 Kumho Petrochemical Co Ltd 102 51,151 0.03 LG Chem Ltd 289 573,801 0.39 LG Chem Ltd – Preference 47 64,777 0.04 LG Corp 730 385,011 0.26 LG Display Co Ltd 1,548 391,846 0.26 LG Electronics Inc 619 338,716 0.23 LG Household & Health Care 55 373,009 0.25 LG Uplus Corp 1,101 117,188 0.08 Lotte Chemical Corp 120 281,650 0.19 Lotte Confectionery Co Ltd 84 113,479 0.08 Lotte Shopping Co 75 155,307 0.10 Mirae Asset Daewoo Co Ltd 3,659 275,864 0.19 Naver Corp 164 937,688 0.63 Ncsoft Corp 84 217,501 0.15 NH Investment & Securities C 1,575 159,580 0.11

iShares Asia Trust 213 iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.48%) (Continued) Holdings HK$ Net Assets Listed Equities (87.52%) (Continued) South Korea (21.58%) (Continued) OCI Co Ltd 112 68,546 0.05 Orion Holdings (formerly known as Orion Corp) 22 119,783 0.08 POSCO 398 779,355 0.53 S-1 Corporation 66 43,680 0.03 Samsung Biologics Co Ltd 93 185,283 0.12 Samsung C&T Corp 466 470,564 0.32 Samsung Card Co 161 42,896 0.03 Samsung Electro-Mechanics Co 314 218,525 0.15 Samsung Electronics – Pref 102 1,295,837 0.87 Samsung Electronics Co Ltd 549 8,903,733 6.00 Samsung Fire & Marine Ins 238 457,116 0.31 Samsung Heavy Industries 756 64,219 0.04 Samsung Life Insurance Co Lt 412 328,892 0.22 Samsung Sdi Co Ltd 313 366,251 0.25 Samsung Sds Co Ltd 192 241,695 0.16 Samsung Securities Co Ltd 418 117,787 0.08 Shinhan Financial Group Ltd 2,314 778,361 0.52 Shinsegae Inc 76 119,005 0.08 SK Holdings Co Ltd 253 479,884 0.32 SK Hynix Inc 3,389 1,558,483 1.05 SK Innovation Co Ltd 434 469,342 0.32 SK Telecom 78 141,562 0.10 S-Oil Corp 187 120,954 0.08 Woori Bank 1,862 234,394 0.16 Yuhan Corp 37 62,102 0.04 32,003,439 21.58 Taiwan (16.81%) Acer Inc 37,970 155,416 0.10 Advanced Semiconductor Engr 48,088 481,895 0.32 Advantech Co Ltd 1,030 56,961 0.04 Asia Cement Corp 4,000 26,791 0.02 Asustek Computer Inc 5,394 397,963 0.27 Au Optronics Corp 75,892 270,710 0.18 Catcher Technology Co Ltd 3,750 349,808 0.24 Cathay Financial Holding Co 45,629 586,642 0.40 Chailease Holding Co Ltd 7,707 167,716 0.11 Cheng Shin Rubber Ind Co Ltd 14,750 244,901 0.16 China Airlines Ltd 18,750 44,412 0.03 China Development Financial 77,812 176,320 0.12 China Life Insurance Co Ltd 7,820 60,806 0.04

214 iShares Asia Trust iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.48%) (Continued) Holdings HK$ Net Assets Listed Equities (87.52%) (Continued) Taiwan (16.81%) (Continued) China Steel Corp 73,228 465,100 0.31 Chunghwa Telecom Co Ltd 21,312 590,666 0.40 Compal Electronics 42,549 223,840 0.15 CTBC Financial Holding Co Lt 102,874 526,675 0.36 Delta Electronics Inc 13,050 557,595 0.38 E.Sun Financial Holding Co 38,155 183,100 0.12 Eclat Textile Company Ltd 1,546 147,190 0.10 Eva Airways Corp 13,744 53,082 0.04 Far Eastone Telecomm Co Ltd 9,999 198,862 0.13 Feng Tay Enterprise Co Ltd 2,000 69,031 0.05 First Financial Holding Co 53,123 277,422 0.19 Formosa Chemicals & Fibre 15,450 378,640 0.26 Formosa Petrochemical Corp 4,875 131,358 0.09 Formosa Plastics Corp 23,566 560,609 0.38 Foxconn Technology Co Ltd 2,020 47,587 0.03 Fubon Financial Holding Co 32,797 407,777 0.27 Giant Manufacturing 832 37,151 0.02 Hiwin Technologies Corp 1,000 52,736 0.04 Hon Hai Precision Industry 86,994 2,611,978 1.76 Hotai Motor Company Ltd 1,756 171,690 0.12 HTC Corp 3,573 66,568 0.04 Hua Nan Financial Holdings C 40,620 183,984 0.12 Innolux Corp 51,556 210,364 0.14 Inventec Corp 10,000 63,642 0.04 Largan Precision Co Ltd 566 704,454 0.47 Lite-On Technology Corp 17,508 224,647 0.15 Mediatek Inc 8,905 595,300 0.40 Mega Financial Holding Co Lt 40,117 260,461 0.18 Merida Industry Co Ltd 1,775 74,247 0.05 Micro-Star International Co 4,000 72,573 0.05 Nan Ya Plastics Corp 27,197 526,941 0.35 Nien Made Enterprise Co Ltd 1,000 86,610 0.06 Novatek Microelectronics Cor 1,667 52,618 0.04 OBI Pharma Inc 937 57,950 0.04 Pegatron Corp 10,864 265,691 0.18 Pou Chen 20,625 222,828 0.15 Powertech Technology Inc 2,000 48,194 0.03 President Chain Store Corp 3,334 234,001 0.16 Quanta Computer Inc 11,250 207,864 0.14 Realtek Semiconductor Corp 2,000 56,200 0.04 Ruentex Industries Ltd 3,000 34,952 0.02

iShares Asia Trust 215 iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.48%) (Continued) Holdings HK$ Net Assets Listed Equities (87.52%) (Continued) Taiwan (16.81%) (Continued) Siliconware Precision Inds 11,941 150,612 0.10 Sinopac Financial Holdings 39,183 93,514 0.06 Synnex Technology Intl Corp 11,812 103,365 0.07 Taimed Biologics Inc 937 44,364 0.03 Taishin Financial Holding 28,012 99,561 0.07 Taiwan Business Bank 65,733 143,383 0.10 Taiwan Cement 28,512 257,552 0.17 Taiwan Cooperative Financial 44,582 184,768 0.12 Taiwan Fertilizer Co Ltd 4,000 41,521 0.03 Taiwan Mobile Co Ltd 9,625 282,814 0.19 Taiwan Semiconductor Manufac 137,420 7,352,760 4.96 Teco Electric & Machinery 4,000 30,025 0.02 Uni-President Enterprises Co 27,466 429,952 0.29 United Microelectronics Corp 88,812 336,169 0.23 Vanguard International Semi 1,667 25,667 0.02 Wistron Corp 6,758 53,675 0.04 WPG Holdings Ltd 3,000 31,257 0.02 Yuanta Financial Holding Co 88,982 305,986 0.21 24,929,464 16.81 Thailand (2.84%) Advanced Info Service PCL (FR) 7,578 309,109 0.21 Airports of Thailand PCL (FR) 37,180 403,710 0.27 Bangkok Bank PCL – Foreign Reg 3,850 163,678 0.11 Bangkok Dusit Medical Services PCL (FR) 26,250 115,821 0.08 Bangkok Expressway and Metro (FR) 30,400 52,046 0.03 Banpu Public Co Ltd – Foreign 9,300 35,477 0.02 BEC World PCL (FR) 8,625 41,623 0.03 Berli Jucker Pub Co (FR) 6,700 73,520 0.05 BTS Group Holdings PCL (FR) 37,432 73,117 0.05 Bumrungrad Hospital (FR) 1,125 44,338 0.03 C.P. All PCL (FR) 24,750 356,900 0.24 Central Pattana PCL (FR) 5,250 83,548 0.06 Charoen Pokphand Foods Co Ltd (FR) 19,500 111,133 0.07 Glow Energy PCL (FR) 4,725 85,509 0.06 Home Product Center PCL (FR) 34,721 76,599 0.05 Indorama Ventures PCL (FR) 14,250 124,439 0.08 Kasikornbank PCL – Foreign 6,496 296,323 0.20 KCE Electronics PCL (FR) 1,600 39,894 0.03 Krung Thai Bank PCL (FR) 17,212 74,361 0.05 Minor International PCL (FR) 9,375 86,715 0.06

216 iShares Asia Trust iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.48%) (Continued) Holdings HK$ Net Assets Listed Equities (87.52%) (Continued) Thailand (2.84%) (Continued) PTT Exploration & Production PCL (FR) 7,197 142,649 0.10 PTT Global Chemical PCL (FR) 12,712 200,107 0.13 PTT PCL (FR) 6,562 557,951 0.38 Siam Cement Pub Co (FR) 1,738 201,298 0.14 Siam Commercial Bank PCL (FR) 9,891 353,451 0.24 Thai Oil PCL (FR) 2,062 37,435 0.02 True Corp PCL (FR) 50,245 71,588 0.05 4,212,339 2.84 Total listed equity 129,780,337 87.52 Exchange traded fund (11.96%) India (11.96%) iShares Asia Trust – iShares Core S&P BSE Sensex India Index ETF 819,157 17,734,749 11.96 17,734,749 11.96 Total investments 147,515,086 99.48 Other net assets 777,641 0.52 Net assets attributable to unitholders at 30th June 2017 148,292,727 100.00 Total investments, at cost 118,158,166

iShares Asia Trust 217 iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) For the period ended 30th June 2017

Holdings Corporate Investments 01.01.2017 Additions action Disposals 30.06.2017 Listed equities 58.Com Inc – ADR 439 – – – 439 AAC Technologies Holdings In 4,470 – – – 4,470 Aboitiz Equity Ventures Inc 12,000 – – – 12,000 Acer Inc 37,970 – – – 37,970 Adaro Energy TBK PT 52,500 40,100 – – 92,600 Advanced Info Service PCL (FR) 7,578 – – – 7,578 Advanced Semiconductor Engr 46,632 1,456 – – 48,088 Advantech Co Ltd 937 – 93 – 1,030 Agricultural Bank of China – H 133,942 – – – 133,942 Airasia BHD 9,375 – – – 9,375 Airports of Thailand PCL (FR) 3,718 – 33,462 – 37,180 Alibaba Group Holding – SP ADR 6,338 – – – 6,338 Alibaba Health Information T 13,500 – – – 13,500 Alibaba Pictures Group Ltd 58,333 – – – 58,333 Alliance Financial Group BHD 7,350 – – – 7,350 Alliance Global Group Inc 37,725 – – – 37,725 Aluminum Corp of China Ltd – H 17,032 – – – 17,032 AMMB Holdings BHD 6,900 – – – 6,900 Amorepacific Corp 191 – – – 191 Amorepacific Corp – Pref 21 – – – 21 Amorepacific Group 123 – – – 123 Anhui Conch Cement Co Ltd – H 8,432 – – – 8,432 Anta Sports Products Ltd 5,250 – – – 5,250 Asia Cement Corp 4,000 – – – 4,000 Astra International TBK PT 122,863 – – – 122,863 Asustek Computer Inc 5,394 – – – 5,394 Au Optronics Corp 75,892 – – – 75,892 Avichina Industry & Tech – H 12,000 – – – 12,000 Axiata Group Berhad 8,152 – – – 8,152 Ayala Corporation 1,627 – – – 1,627 Ayala Land Inc 30,375 – – – 30,375 Baidu Inc – Spon ADR 1,528 – – – 1,528 Bangkok Bank PCL – Foreign Reg 3,850 – – – 3,850 Bangkok Dusit Medical Services PCL (FR) 26,250 – – – 26,250 Bangkok Expressway and Metro (FR) 30,400 – – – 30,400 Bank Central Asia TBK PT 69,551 – – – 69,551 Bank Danamon Indonesia TBK 31,875 – – – 31,875 Bank Mandiri Persero TBK PT 57,112 – – – 57,112 Bank Negara Indonesia Perser 50,625 – – – 50,625 Bank of China Ltd – H 454,812 – – – 454,812 Bank of Communications Co – H 56,557 – – – 56,557

218 iShares Asia Trust iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Bank of The Philippine Islan 4,372 – – – 4,372 Bank Rakyat Indonesia Perser 67,532 – – – 67,532 Banpu Public Co Ltd – 9,300 – 9,300 – Banpu Public Co Ltd – Foreign – 9,300 – – 9,300 BDO Unibank Inc 13,125 2,576 – – 15,701 BEC World PCL (FR) 8,625 – – – 8,625 Beijing Capital Intl Airpo – H 14,577 – – – 14,577 Beijing Enterprises Hldgs 4,159 – – – 4,159 Beijing Enterprises Water Gr 28,042 – – – 28,042 Belle International Holdings 30,000 – – – 30,000 Berli Jucker Pub Co (FR) 6,700 – – – 6,700 BGF Retail Co Ltd 86 – – – 86 BNK Financial Group Inc 1,597 – – – 1,597 Brilliance China Automotive 21,000 – – – 21,000 British American Tobacco BHD 600 – – – 600 BTS Group Holdings PCL (FR) 37,432 – – – 37,432 Bumrungrad Hospital (FR) 1,125 – – – 1,125 BYD Co Ltd – H 4,132 – – – 4,132 C.P. All PCL (FR) 24,750 – – – 24,750 Catcher Technology Co Ltd 3,750 – – – 3,750 Cathay Financial Holding Co 45,629 – – – 45,629 Celltrion Inc 531 – – – 531 Central Pattana PCL (FR) 5,250 – – – 5,250 CGN Power Co Ltd – H 57,501 – – – 57,501 Chailease Holding Co Ltd 7,707 – – – 7,707 Charoen Pokphand Foods Co Ltd (FR) 19,500 – – – 19,500 Charoen Pokphand Indonesi PT 41,250 – – – 41,250 Cheil Worldwide Inc 334 – – – 334 Cheng Shin Rubber Ind Co Ltd 14,750 – – – 14,750 China Airlines Ltd 18,750 – – – 18,750 China Cinda Asset Manageme – H 42,501 – – – 42,501 China Citic Bank Corp Ltd – H 33,000 – – – 33,000 China Coal Energy Co – H 22,791 – – – 22,791 China Communications Const – H 27,396 – – – 27,396 China Conch Venture Holdings 4,812 – – – 4,812 China Construction Bank – H 455,134 – – – 455,134 China Development Financial 77,812 – – – 77,812 China Everbright Intl Ltd 17,992 – – – 17,992 China Everbright Ltd 9,286 – – – 9,286 China Evergrande Group 32,812 – – – 32,812 China Galaxy Securities Co – H 21,094 – – – 21,094

iShares Asia Trust 219 iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) China Gas Holdings Ltd 15,000 – – – 15,000 China Huarong Asset Manage – H 28,000 – – – 28,000 China Huishan Dairy Holdings 11,250 – – – 11,250 China Life Insurance Co – H 42,359 – – – 42,359 China Life Insurance Co Ltd 7,820 – – – 7,820 China Longyuan Power Group – H 21,086 – – – 21,086 China Medical System Holding 10,500 – – – 10,500 China Mengniu Dairy Co 17,404 – – – 17,404 China Merchants Bank – H 24,008 – – – 24,008 China Merchants Port Holding 7,942 – – – 7,942 China Minsheng Banking – H 40,444 – – – 40,444 China Mobile Ltd 34,807 – – – 34,807 China National Building Ma – H 22,500 – – – 22,500 China Oilfield Services – H 10,252 – – – 10,252 China Overseas Land & Invest 23,437 – – – 23,437 China Pacific Insurance Gr – H 15,750 – – – 15,750 China Petroleum & Chemical – H 144,038 – – – 144,038 China Railway Construction – H 13,462 – – – 13,462 China Railway Group Ltd – H 26,346 – – – 26,346 China Resources Beer Holdin 10,539 – – – 10,539 China Resources Gas Group Lt 5,216 – – – 5,216 China Resources Land Ltd 18,334 – – – 18,334 China Resources Power Holdin 11,332 – – – 11,332 China Shenhua Energy Co – H 21,068 – – – 21,068 China State Construction Int 6,631 – – – 6,631 China Steel Corp 73,228 – – – 73,228 China Taiping Insurance Hold 11,158 – – – 11,158 China Telecom Corp Ltd – H 92,499 – – – 92,499 China Unicom Hong Kong Ltd 39,675 – – – 39,675 China Vanke Co Ltd – H 7,500 – – – 7,500 Chongqing Changan Automobi – B 7,834 – – – 7,834 Chongqing Rural Commercial – H 18,744 – – – 18,744 Chunghwa Telecom Co Ltd 21,312 – – – 21,312 Cimb Group Holdings BHD 25,404 – – – 25,404 Citic Ltd 27,917 – – – 27,917 Citic Securities Co Ltd – H 7,312 – – – 7,312 CJ Cheiljedang Corp 37 – – – 37 CJ Corp 111 – – – 111 CJ E&M Corp 59 – – – 59 CJ Korea Express Corp 21 – – – 21 CNOOC Ltd 104,147 – – – 104,147

220 iShares Asia Trust iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Compal Electronics 42,549 – – – 42,549 Cosco Shipping Ports Ltd 14,307 – – – 14,307 Country Garden Holdings Co 24,213 – – – 24,213 Coway Co Ltd 322 – – – 322 CRRC Corp Ltd – H 23,062 – – – 23,062 CSPC Pharmaceutical Group Lt 32,209 – – – 32,209 CTBC Financial Holding Co Lt 102,874 – – – 102,874 Ctrip.Com International – ADR 1,929 – – – 1,929 Daelim Industrial Co Ltd 172 – – – 172 Delta Electronics Inc 13,050 – – – 13,050 Digi.Com BHD 31,932 – – – 31,932 Dongbu Insurance Co Ltd 170 – – – 170 Dongfeng Motor Grp Co Ltd – H 20,548 – – – 20,548 E.Sun Financial Holding Co 35,999 2,156 – – 38,155 Eclat Textile Company Ltd 1,546 – – – 1,546 E-Mart Inc 160 – – – 160 Energy Development Corp 81,750 – – – 81,750 ENN Energy Holdings Ltd 4,189 – – – 4,189 Eva Airways Corp 13,744 – – – 13,744 Far East Horizon Ltd 11,666 – – – 11,666 Far Eastone Telecomm Co Ltd 9,999 – – – 9,999 Felda Global Ventures – 12,700 – – 12,700 Feng Tay Enterprise Co Ltd 2,000 – – – 2,000 First Financial Holding Co 26,123 27,000 – – 53,123 Formosa Chemicals & Fibre 15,450 – – – 15,450 Formosa Petrochemical Corp 2,875 2,000 – – 4,875 Formosa Plastics Corp 23,566 – – – 23,566 Fosun International Ltd 17,699 – – – 17,699 Foxconn Technology Co Ltd 2,020 – – – 2,020 Fubon Financial Holding Co 32,797 – – – 32,797 Fullshare Holdings Ltd 37,500 – – – 37,500 Fuyao Glass Industry Group – H 2,800 – – – 2,800 Gamuda BHD 6,000 – – – 6,000 GCL-Poly Energy Holdings Ltd 57,817 – – – 57,817 Geely Automobile Holdings Lt 32,083 – – – 32,083 Genting BHD 9,733 – – – 9,733 Genting Malaysia BHD 24,474 – – – 24,474 Genting Plantations BHD 1,500 – – – 1,500 GF Securities Co Ltd – H 7,500 – – – 7,500 Giant Manufacturing 832 – – – 832 Glow Energy PCL (FR) 4,725 – – – 4,725

iShares Asia Trust 221 iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Gome Electrical Appliances 93,750 – – – 93,750 Great Wall Motor Company – H 13,566 – – – 13,566 GS Engineering & Construct 289 – – – 289 GS Holdings 143 – – – 143 GS Retail Co Ltd 82 – – – 82 GT Capital Holdings Inc 192 – – – 192 Guangdong Investment Ltd 20,698 – – – 20,698 Guangzhou Automobile Group – H 6,000 – – – 6,000 Gudang Garam TBK PT 1,875 – – – 1,875 Haier Electronics Group Co 6,869 – – – 6,869 Haitong Securities Co Ltd – H 13,333 – – – 13,333 Hana Financial Group 1,674 – – – 1,674 Hanergy Thin Film Power Grou 57,143 – – – 57,143 Hankook Tire Co Ltd 352 – – – 352 Hanmi Pharm Co Ltd 29 – 2 – 31 Hanmi Science Co Ltd 59 – 4 – 63 Hanon Systems 393 – – – 393 Hanssem Co Ltd 35 – – – 35 Hanwha Chemical Corp 877 – – – 877 Hanwha Corporation 412 – – – 412 Hanwha Techwin Co Ltd 210 – – – 210 Hap Seng Consolidated 2,812 – – – 2,812 Hengan Intl Group Co Ltd 5,220 – – – 5,220 Hengten Networks Group Ltd 124,000 – – 124,000 – Hiwin Technologies Corp – 1,000 – – 1,000 HM Sampoerna TBK PT 16,406 – – – 16,406 Home Product Center PCL (FR) 34,721 – – – 34,721 Hon Hai Precision Industry 86,994 – – – 86,994 Hotai Motor Company Ltd 1,756 – – – 1,756 Hotel Shilla Co Ltd 215 – – – 215 HTC Corp 3,573 – – – 3,573 Hua Nan Financial Holdings C 10,620 30,000 – – 40,620 Huaneng Power Intl Inc – H 22,432 – – – 22,432 Huatai Securities Co Ltd – H 3,187 – – – 3,187 Hyosung Corporation 97 – – – 97 Hyundai Construction Equipme – 13 – 13 – Hyundai Dept Store Co 120 – – – 120 Hyundai Development Co-Engin 327 – – – 327 Hyundai Electric & Energy Sy – 14 – 14 – Hyundai Engineering & Const 472 – – – 472 Hyundai Glovis Co Ltd 74 – – – 74

222 iShares Asia Trust iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Hyundai Heavy Industries 294 219 – 294 219 Hyundai Marine & Fire Ins Co 368 – – – 368 Hyundai Mobis Co Ltd 419 – – – 419 Hyundai Motor Co 866 – – – 866 Hyundai Motor Co Ltd – 2nd Prf 42 – – – 42 Hyundai Robotics Co Ltd – 46 – – 46 Hyundai Steel Co 508 – – – 508 Hyundai Wia Corp 82 – – – 82 IHH Healthcare BHD 18,584 – – – 18,584 IJM Corp BHD 11,062 – – – 11,062 Ind & Comm Bk of China – H 413,975 – – – 413,975 Indocement Tunggal Prakarsa 5,625 – – – 5,625 Indofood Sukses Makmur TBK P 37,500 – – – 37,500 Indorama Ventures PCL (FR) 14,250 – – – 14,250 Industrial Bank of Korea 872 – – – 872 Innolux Corp 51,556 – – – 51,556 Intl Container Term Svcs Inc 8,906 – – – 8,906 Inventec Corp 10,000 – – – 10,000 IOI Corp BHD 28,260 – – – 28,260 IOI Properties Group BHD 35,949 8,987 – – 44,936 Jasa Marga (Persero) TBK PT 20,012 – – – 20,012 JD.Com Inc – ADR 3,928 – – – 3,928 JG Summit Holdings Inc 22,500 – – 6,590 15,910 Jiangsu Express Co Ltd – H 5,488 – – – 5,488 Jiangxi Copper Co Ltd – H 9,030 – – – 9,030 Jollibee Foods Corp 5,325 – – – 5,325 Kakao Corp 172 – – – 172 Kalbe Farma TBK PT 138,382 – – – 138,382 Kangwon Land Inc 652 – – – 652 Kasikornbank PCL – Foreign 8,396 – – 1,900 6,496 KB Financial Group Inc 2,208 – – – 2,208 KCC Corp 47 – – – 47 KCE Electronics PCL (FR) 1,600 – – – 1,600 Kepco Plant Service & Engine 94 – – – 94 KIA Motors Corp 1,660 – – – 1,660 Kingsoft Corp Ltd 3,750 – – – 3,750 Korea Aerospace Industries 312 – – – 312 Korea Electric Power Corp 1,429 – – – 1,429 Korea Investment Holdings Co 391 – – – 391 Korea Zinc Co Ltd 58 – – – 58 Korean Air Lines Co Ltd 430 102 – – 532

iShares Asia Trust 223 iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Krung Thai Bank PCL (FR) 17,212 – – – 17,212 KT&G Corp 599 – – – 599 Kuala Lumpur Kepong BHD 2,751 – – – 2,751 Kumho Petrochemical Co Ltd 102 – – – 102 Kunlun Energy Co Ltd 21,000 – – – 21,000 Largan Precision Co Ltd 532 34 – – 566 Lenovo Group Ltd 43,500 – – – 43,500 LG Chem Ltd 289 – – – 289 LG Chem Ltd – Preference 47 – – – 47 LG Corp 730 – – – 730 LG Display Co Ltd 1,548 – – – 1,548 LG Electronics Inc 619 – – – 619 LG Household & Health Care 55 – – – 55 LG Uplus Corp 1,101 – – – 1,101 Lippo Karawaci TBK PT 94,252 – – – 94,252 Lite-On Technology Corp 17,508 – – – 17,508 Lotte Chemical Corp 120 – – – 120 Lotte Confectionery Co Ltd 84 – – – 84 Lotte Shopping Co 75 – – – 75 Malayan Banking BHD 22,140 – – – 22,140 Matahari Department Store TB 18,008 – – – 18,008 Maxis BHD 6,656 – – – 6,656 Media Nusantara Citra TBK PT 29,746 – – – 29,746 Mediatek Inc 8,905 – – – 8,905 Mega Financial Holding Co Lt 40,117 – – – 40,117 Merida Industry Co Ltd 1,775 – – – 1,775 Metro Pacific Investments Co 24,400 – – – 24,400 Metropolitan Bank & Trust 5,887 – – – 5,887 Micro-Star International Co 4,000 – – – 4,000 Minor International PCL (FR) 9,375 – – – 9,375 Mirae Asset Daewoo Co Ltd 1,627 2,032 – – 3,659 Mirae Asset Securities Co Lt 684 – – 684 – MISC BHD 2,200 – – – 2,200 Nan Ya Plastics Corp 27,197 – – – 27,197 Naver Corp 164 – – – 164 Ncsoft Corp 84 – – – 84 Netease Inc – ADR 451 – – – 451 New China Life Insurance C – H 5,001 – – – 5,001 New Oriental Educatio – SP ADR 760 – – – 760 NH Investment & Securities C 1,575 – – – 1,575 Nien Made Enterprise Co Ltd 1,000 – – – 1,000

224 iShares Asia Trust iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Nine Dragons Paper Holdings 11,250 – – – 11,250 Novatek Microelectronics Cor 1,667 – – – 1,667 OBI Pharma Inc 937 – – – 937 OCI Co Ltd 112 – – – 112 Orion Holdings (formerly known as Orion Corp) 22 – – – 22 Pakuwon Jati TBK PT 135,900 – – – 135,900 Pegatron Corp 10,864 – – – 10,864 People’s Insurance Co Grou – H 24,999 – – – 24,999 Perusahaan Gas Negara Perser 90,000 – – – 90,000 Petrochina Co Ltd – H 116,692 – – – 116,692 Petronas Chemicals Group BHD 11,291 – – – 11,291 Petronas Gas BHD 2,437 – – – 2,437 PICC Property & Casualty – H 21,517 – – – 21,517 Ping An Insurance Group Co – H 31,037 – – – 31,037 PLDT Inc 533 – – – 533 POSCO 398 – – – 398 Pou Chen 20,625 – – – 20,625 Powertech Technology Inc – 2,000 – – 2,000 President Chain Store Corp 3,334 – – – 3,334 PTT Exploration & Production PCL (FR) 7,197 – – – 7,197 PTT Global Chemical PCL (FR) 12,712 – – – 12,712 PTT PCL (FR) 6,562 – – – 6,562 Public Bank Berhad 12,669 – – – 12,669 Quanta Computer Inc 11,250 – – – 11,250 Qunar Cayman Islands Ltd – ADR 243 – – 243 – Realtek Semiconductor Corp 2,000 – – – 2,000 Ruentex Industries Ltd – 3,000 – – 3,000 S-1 Corporation 66 – – – 66 Samsung Biologics Co Ltd 93 – – – 93 Samsung C&T Corp 466 – – – 466 Samsung Card Co 450 – – 289 161 Samsung Electro-Mechanics Co 314 – – – 314 Samsung Electronics – Pref 102 – – – 102 Samsung Electronics Co Ltd 549 – – – 549 Samsung Fire & Marine Ins 238 – – – 238 Samsung Heavy Industries 756 – – – 756 Samsung Life Insurance Co Lt 412 – – – 412 Samsung Sdi Co Ltd 313 – – – 313 Samsung Sds Co Ltd 192 – – – 192 Samsung Securities Co Ltd 369 49 – – 418

iShares Asia Trust 225 iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Sapura Energy BHD (formerly known as SapuraKencana Petroleum BHD) 28,294 – – – 28,294 Semen Indonesia Persero TBK 15,000 – – – 15,000 Semiconductor Manufacturing 19,275 – – – 19,275 Shandong Weigao Gp Medical – H 9,238 – – – 9,238 Shanghai Electric Grp Co L – H 10,000 – – – 10,000 Shanghai Fosun Pharmaceuti – H 1,875 – – – 1,875 Shanghai Lujiazui Fin&Trad – B 3,728 – – – 3,728 Shanghai Pharmaceuticals – H 4,492 – – – 4,492 Shenzhou International Group 3,549 – – – 3,549 Shimao Property Holdings Ltd 10,781 – – – 10,781 Shinhan Financial Group Ltd 2,314 – – – 2,314 Shinsegae Inc 76 – – – 76 Siam Cement Pub Co (FR) 1,738 – – – 1,738 Siam Commercial Bank PCL (FR) 9,891 – – – 9,891 Siliconware Precision Inds 11,941 – – – 11,941 Sime Darby Berhad 17,940 – – – 17,940 Sina Corp 320 320 – 320 320 Sino Biopharmaceutical 26,932 – – – 26,932 Sino-Ocean Group Holding Ltd 20,888 – – – 20,888 Sinopac Financial Holdings 39,183 – – – 39,183 Sinopec Shanghai Petrochem – H 33,353 – – – 33,353 Sinopharm Group Co – H 6,787 – – – 6,787 Sinotrans Limited – H 12,000 – – 12,000 – SK Holdings Co Ltd 253 – – – 253 SK Hynix Inc 3,389 – – – 3,389 SK Innovation Co Ltd 434 – – – 434 SK Telecom 78 – – – 78 SM Investments Corp 935 – – – 935 SM Prime Holdings Inc 42,000 – – – 42,000 Soho China Ltd 14,163 – – – 14,163 S-Oil Corp 187 – – – 187 Summarecon Agung TBK PT – 48,000 – – 48,000 Sunny Optical Tech 4,000 – – – 4,000 Surya Citra Media PT TBK 29,347 – – – 29,347 Synnex Technology Intl Corp 11,812 – – – 11,812 Taimed Biologics Inc 937 – – – 937 Taishin Financial Holding 28,012 – – – 28,012 Taiwan Business Bank 65,733 – – – 65,733 Taiwan Cement 28,512 – – – 28,512 Taiwan Cooperative Financial 44,582 – – – 44,582

226 iShares Asia Trust iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Taiwan Fertilizer Co Ltd 4,000 – – – 4,000 Taiwan Mobile Co Ltd 9,625 – – – 9,625 Taiwan Semiconductor Manufac 137,420 – – – 137,420 Tal Education Group – ADR 241 – – – 241 Teco Electric & Machinery 4,000 – – – 4,000 Telekomunikasi Indonesia Per 322,481 – – – 322,481 Tenaga Nasional BHD 19,387 – – – 19,387 Tencent Holdings Ltd 30,872 200 – – 31,072 Thai Oil PCL (FR) 2,062 – – – 2,062 Tingyi (Cayman Isln) Hldg Co 14,407 – – – 14,407 Tower Bersama Infrastructure 15,652 – – – 15,652 Travelsky Technology Ltd – H 2,812 – – – 2,812 True Corp PCL (FR) 50,245 – – – 50,245 Tsingtao Brewery Co Ltd – H 2,842 – – – 2,842 UMW Holdings BHD – 8,400 – 4,200 4,200 UMW Oil & Gas Corp BHD – 4,331 – – 4,331 Unilever Indonesia TBK PT 8,719 – – – 8,719 Uni-President Enterprises Co 27,466 – – – 27,466 United Microelectronics Corp 88,812 – – – 88,812 United Tractors TBK PT 7,500 – – – 7,500 Universal Robina Corp 7,500 – – – 7,500 Vanguard International Semi 1,667 – – – 1,667 Vipshop Holdings Ltd – ADR 2,294 – – – 2,294 Want Want China Holdings Ltd 38,032 – – – 38,032 Weibo Corp – Spon ADR 181 32 – – 213 Wistron Corp 6,758 – – – 6,758 Woori Bank 1,862 – – – 1,862 WPG Holdings Ltd 3,000 – – – 3,000 YTL Corp BHD 14,812 – – – 14,812 Yuanta Financial Holding Co 88,982 – – – 88,982 Yuhan Corp 37 – – – 37 Yum China Holdings Inc 2,321 – – – 2,321 YY Inc – ADR 167 – – – 167 Zhejiang Expressway Co – H 7,299 – – – 7,299 Zhuzhou CRRC Times Electri – H 3,594 – – – 3,594 Zijin Mining Group Co Ltd – H 38,332 – – – 38,332 ZTE Corp – H 2,340 – – – 2,340 Exchange traded fund iShares Asia Trust – iShares Core S&P BSE Sensex India Index ETF 799,157 20,000 – – 819,157

iShares Asia Trust 227 iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed rights IOI Properties Group BHD – Rights – – 8,987 8,987 – Korean Air Lines Co Ltd – Rights – – 102 102 – Samsung Securities Co Ltd – Rights – – 49 49 – Unlisted right Advanced Semiconductor Engr – Rights – – 1,456 1,456 – Bank of Communications Co – H – Rights – – 113 113 – BDO Unibank Inc – Rights – – 2,576 2,576 – Cathay Financial Holding Co – Rights 3,057 – – 3,057 – China Everbright Intl Ltd – Rights – – 222 222 – E.Sun Financial Holding Co – Rights – – 2,156 2,156 – Taishin Financial Holding – Rights 1,063 – – 1,063 –

228 iShares Asia Trust iShares MSCI Emerging Asia Index ETF (a Sub-Fund of iShares Asia Trust) Performance Record (unaudited)

Net Asset Value

Dealing Dealing Net asset value Net asset value per unit of the Sub-Fund HK$ HK$ At end of financial period dated 31st December 2015 38.29 122,524,427 31st December 2016 39.75 119,250,293 30th June 2017 49.43 148,289,261

Highest and lowest net asset value per unit

Highest net asset Lowest net asset value per unit value per unit HK$ HK$ Financial period ended 31st December 2009 (since inception) 38.30 20.00 31st December 2010 45.33 33.63 31st December 2011 47.81 34.56 31st December 2012 43.99 36.30 31st December 2013 44.41 37.56 31st December 2014 48.00 39.33 31st December 2015 50.31 36.60 31st December 2016 44.18 33.70 30th June 2017 49.98 40.02

iShares Asia Trust 229 iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) As at 30th June 2017

Fair value % of Investments (99.68%) Holdings HK$ Net Assets Listed Equities (99.68%) China (99.68%) AECC Aero-Engine Control – A (formerly known as Avic Aero-Engine Controls – A) 5,400 121,745 0.08 AECC Aviation Power Co – A (formerly known as Avic Aviation Engine Corp – A) 10,600 333,376 0.22 Agricultural Bank of China – A 476,200 1,931,070 1.28 Air China Ltd – A 24,900 279,685 0.19 Aisino Corp – A 14,500 344,781 0.23 Alpha Group – A 6,700 130,445 0.09 Aluminum Corp of China Ltd – A 83,900 436,884 0.29 Anhui Conch Cement Co Ltd – A 25,600 670,356 0.44 Anxin Trust Co Ltd – A 21,560 337,547 0.22 Aurora Optoelectronics Co – A 8,800 176,400 0.12 Avic Aircraft Co Ltd – A 17,400 369,638 0.24 Avic Capital Co Ltd – A 56,100 365,155 0.24 Avic Helicopter Co Ltd – A 3,000 158,186 0.10 Bank of Beijing Co Ltd – A 150,700 1,592,020 1.05 Bank of China Ltd – A 259,100 1,104,422 0.73 Bank of Communications Co – A 344,200 2,442,629 1.62 Bank of Guiyang Co Ltd – A 8,600 156,638 0.10 Bank of Jiangsu Co Ltd – A 15,900 170,168 0.11 Bank of Nanjing Co Ltd – A 45,900 592,767 0.39 Bank of Ningbo Co Ltd – A 25,000 555,857 0.37 Bank of Shanghai Co Ltd – A 8,300 244,211 0.16 Baoshan Iron & Steel Co – A 112,316 868,221 0.58 BBMG Corporation – A 39,000 290,693 0.19 Beijing Capital Co Ltd – A 35,700 270,620 0.18 Beijing Capital Developmen – A 13,000 171,331 0.11 Beijing Dabeinong Technolo – A 27,800 201,447 0.13 Beijing Enlight Media Co L – A 11,700 110,391 0.07 Beijing Gehua Catv Network – A 8,800 147,608 0.10 Beijing Orient Landscape – A 14,200 273,521 0.18 Beijing Originwater Techno – A 24,500 526,394 0.35 Beijing Sanju Environmenta – A 11,550 492,988 0.33 Beijing Shiji Information – A 5,200 136,166 0.09 Beijing Shougang Co Ltd – A 19,800 159,444 0.11 Beijing Tongrentang Co – A 6,400 257,761 0.17 Beijing Xinwei Technology – A 27,300 458,864 0.30 BOE Technology Group Co Lt – A 292,900 1,403,714 0.93 Bohai Financial Investment – A 23,000 178,324 0.12 BYD Co Ltd – A 7,000 402,809 0.27

230 iShares Asia Trust iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.68%) (Continued) Holdings HK$ Net Assets Listed Equities (99.68%) (Continued) China (99.68%) (Continued) Changjiang Securities Co L – A 41,000 447,301 0.30 China Avionics Systems Co – A 7,500 150,081 0.10 China Baoan Group – A 27,300 254,435 0.17 China Citic Bank Corp Ltd – A 39,100 283,330 0.19 China Communications Const – A 19,600 358,795 0.24 China Construction Bank – A 86,400 612,146 0.41 China CSSC Holdings Ltd – A 9,400 247,662 0.16 China Eastern Airlines Co – A 37,200 291,419 0.19 China Everbright Bank Co – A 196,100 914,952 0.61 China Film Co Ltd – A 7,000 150,963 0.10 China Fortune Land Develop – A 14,800 572,543 0.38 China Gezhouba Group Co Lt – A 36,500 472,634 0.31 China Grand Automotive Ser – A 28,860 250,356 0.17 China Hainan Rubber Indust – A 17,000 111,241 0.07 China High-Speed Railway – A 11,600 97,287 0.06 China International Travel – A 12,600 437,502 0.29 China Life Insurance Co – A 20,000 621,638 0.41 China Media Group – A (formerly known as Huawen Media Investment – A) 25,900 301,958 0.20 China Merchants Bank – A 129,200 3,558,836 2.36 China Merchants Energy – A 23,300 138,507 0.09 China Merchants Securities – A 28,800 571,336 0.38 China Merchants Shekou Ind – A 30,500 750,528 0.50 China Minsheng Banking – A 297,400 2,816,298 1.86 China Molybdenum Co Ltd – A 50,600 294,963 0.20 China National Chemical – A 24,700 198,902 0.13 China National Nuclear Pow – A 60,300 542,543 0.36 China Northern Rare Earth – A 26,800 349,809 0.23 China Nuclear Engineering – A 7,400 102,045 0.07 China Pacific Insurance Gr – A 38,700 1,510,053 1.00 China Petroleum & Chemical – A 134,600 919,529 0.61 China Railway Construction – A 57,600 798,278 0.53 China Railway Group Ltd – A 95,300 951,871 0.63 China Security & Fire – A 12,100 187,906 0.12 China Shenhua Energy Co – A 25,500 654,811 0.43 China Shipbuilding Industry Co Ltd – A 115,100 823,442 0.55 China Shipbuilding Industry Group Power Co Ltd – A 4,900 142,761 0.09 China Southern Airlines Co – A 46,000 461,045 0.31 China Spacesat Co Ltd – A 8,000 256,581 0.17 China State Construction – A 188,800 2,105,442 1.39

iShares Asia Trust 231 iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.68%) (Continued) Holdings HK$ Net Assets Listed Equities (99.68%) (Continued) China (99.68%) (Continued) China United Network – A 102,800 884,667 0.59 China Vanke Co Ltd – A 86,000 2,473,904 1.64 China Yangtze Power Co Ltd – A 81,200 1,438,727 0.95 Chinese Universe Publishin – A 7,600 205,841 0.14 Chongqing Changan Automob – A 26,100 433,582 0.29 Chongqing Sokon Industry G – A 3,100 71,248 0.05 Citic Guoan Information – A 33,500 385,546 0.26 Citic Heavy Industries Co – A 23,000 138,048 0.09 Citic Securities Co – A 99,700 1,954,882 1.29 Cofco Tunhe Sugar Co Ltd – A (formerly known as Cofco Tunhe Co Ltd – A) 12,900 140,290 0.09 Cosco Shipping Developme – A 41,700 172,944 0.11 Cosco Shipping Holdings Co – A 48,800 300,773 0.20 CRRC Corp Ltd – A 123,000 1,434,008 0.95 CSSC Offshore and Marine E – A 4,100 129,325 0.09 Daqin Railway Co Ltd – A 73,700 712,353 0.47 DHC Software Co Ltd – A 13,400 336,378 0.22 Digital China Information – A 4,200 80,804 0.05 Dong-E-E-Jiaoco Ltd – A 6,700 554,893 0.37 Dongxing Securities Co Lt – A 14,000 278,055 0.18 Dongxu Optoelectronic Tech – A 32,700 422,675 0.28 Dr Peng Telcom & Media Gr – A 15,300 312,864 0.21 East Money Information Co – A 32,760 453,643 0.30 Eternal Asia Supply Chain – A 18,600 184,922 0.12 Everbright Securitie Co – A 25,100 431,717 0.29 Fiberhome Telecom Tech Co – A 7,100 207,349 0.14 Financial Street Holdings – A 15,200 205,228 0.14 First Capital Securities C – A 5,440 57,720 0.04 Focus Media Information Te – A 7,700 122,060 0.08 Founder Securities Co Ltd – A 55,500 634,904 0.42 Fujian Sunner Development – A 6,600 113,063 0.08 Future Land Holdings Co – A 12,000 256,305 0.17 Fuyao Glass Industry Group – A 18,900 566,981 0.38 GD Power Development Co – A 156,600 649,472 0.43 Gemdale Corp – A 28,600 377,916 0.25 GF Securities Co Ltd – A 36,800 731,312 0.48 Giant Network Group Co Ltd – A 3,000 159,741 0.11 Goertek Inc – A 25,000 555,281 0.37 Great Wall Motor Co Ltd – A 16,500 252,624 0.17 Gree Electric Appliances I – A 60,000 2,845,758 1.88

232 iShares Asia Trust iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.68%) (Continued) Holdings HK$ Net Assets Listed Equities (99.68%) (Continued) China (99.68%) (Continued) Greenland Holdings Corp Lt – A 45,700 411,708 0.27 GRG Banking Equipment Co – A 15,300 146,473 0.10 Guanghui Energy Co Ltd – A 39,700 189,346 0.13 Guangshen Railway Co Ltd – A 44,000 229,117 0.15 Guangzhou Baiyunshan Phar – A 7,800 260,950 0.17 Guangzhou Haige Communicat – A 23,700 293,237 0.19 Guizhou Bailing Group Phar – A 5,400 117,328 0.08 Guosen Securities Co Ltd – A 31,500 480,831 0.32 Guotai Junan Securities Co – A 58,400 1,379,890 0.91 Guoxuan High-Tech Co Ltd – A 6,000 218,080 0.14 Guoyuan Securities Co Ltd – A 21,450 301,970 0.20 Hainan Airlines Holding Co – A (formerly known as Hainan Airlines Co – A) 83,600 310,119 0.21 Haitong Securities Co Ltd – A 102,200 1,748,410 1.16 Hangzhou Hikvision Digital – A 45,000 1,674,484 1.11 Hangzhou Robam Appliances – A 5,900 295,534 0.20 Han’s Laser Technology In – A 10,100 403,056 0.27 Henan Shuanghui Investment – A 13,500 369,371 0.24 Hesteel Co Ltd – A 53,900 260,177 0.17 Hisense Electric Co Ltd – A 10,600 185,250 0.12 Hithink Royalflush Informa – A 2,900 207,838 0.14 Huaan Securities Co Ltd – A 5,700 66,257 0.04 Huadong Medicine Co Ltd – A 6,600 377,891 0.25 Hualan Biological Engineer – A 7,100 298,550 0.20 Huatai Securities Co Ltd – A 42,700 880,535 0.58 Huaxia Bank Co Ltd – A 78,720 836,146 0.55 Huayi Brothers Media Corp – A 21,400 199,447 0.13 Huayu Automotive Systems – A 16,000 446,805 0.30 Hubei Biocause Pharmaceuti – A 12,900 120,079 0.08 Hunan TV & Broadcast Int – A 13,900 180,950 0.12 Hundsun Technologies Inc – A 6,400 344,173 0.23 Iflytek Co Ltd – A 12,300 565,384 0.37 Ind & Comm Bk of China – A 269,600 1,630,591 1.08 Industrial Bank Co Ltd – A 155,900 3,028,096 2.01 Industrial Securities Co – A 62,400 534,121 0.35 Inner Mongolia Baotou Ste – A 168,980 426,329 0.28 Inner Mongolia Junzheng En – A 32,200 181,397 0.12 Inner Mongolia Yili Indus – A 75,800 1,885,332 1.25 Inspur Electronic Informat – A 7,000 139,673 0.09 Jiangsu Bicon Pharmaceutic – A 5,800 193,238 0.13

iShares Asia Trust 233 iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.68%) (Continued) Holdings HK$ Net Assets Listed Equities (99.68%) (Continued) China (99.68%) (Continued) Jiangsu Broadcasting Cable – A 18,200 221,622 0.15 Jiangsu Hengrui Medicine C – A 21,480 1,251,886 0.83 Jiangsu Protruly Vision Te – A 11,400 168,236 0.11 Jiangsu Yanghe Brewery – A 7,500 750,062 0.50 Jiangsu Zhongtian Technolo – A 25,000 347,051 0.23 Jiangxi Copper Co Ltd – A 11,400 221,426 0.15 Jihua Group Corp Ltd – A 17,600 178,225 0.12 Jilin Aodong Pharmaceutica – A 12,610 332,527 0.22 Jinduicheng Molybdenum Co – A 10,200 84,253 0.06 Kangde Xin Composite Mater – A 31,700 822,420 0.54 Kangmei Pharmaceutical Co – A 36,800 921,665 0.61 Kingenta Ecological Engine – A 20,000 173,497 0.12 Kweichow Moutai Co Ltd – A 6,300 3,424,604 2.27 Leo Group Co Ltd – A 31,500 119,391 0.08 Leshi Internet Information – A 15,200 537,236 0.36 Liaoning Cheng Da Co Ltd – A 16,500 342,725 0.23 Luxshare Precision Industr – A 10,100 340,224 0.23 Luzhou Laojiao Co Ltd – A 9,600 559,392 0.37 Meinian Onehealth Healthca – A 15,100 295,728 0.20 Metallurgical Corp of Chin – A 67,000 386,704 0.26 Midea Group Co Ltd – A 56,300 2,791,557 1.85 Muyuan Foodstuff Co Ltd – A 5,700 178,743 0.12 Nanjing Xinjiekou Dept – A 5,500 233,806 0.15 Nari Technology Co Ltd – A 18,200 370,068 0.25 Neusoft Corp – A 13,500 241,841 0.16 New China Life Insurance C – A 10,600 627,675 0.42 New Hope Liuhe Co Ltd – A 26,700 252,842 0.17 Ningbo Zhoushan Port Co Lt – A 53,900 350,835 0.23 Northeast Securities Co Lt – A 19,410 224,728 0.15 Offshore Oil Engineering – A 25,900 186,187 0.12 Orient Securities Co Ltd – A 39,900 639,390 0.42 Ourpalm Co Ltd – A 24,200 227,495 0.15 Pacific Securities Co/The – A 79,600 368,642 0.24 Petrochina Co Ltd – A 62,200 551,039 0.37 Ping An Bank Co Ltd – A 105,800 1,144,504 0.76 Ping An Insurance Group Co – A 137,100 7,835,606 5.19 Poly Real Estate Group Co – A 89,600 1,029,127 0.68 Power Construction Corp of – A 56,900 519,163 0.34 Qingdao Haier Co Ltd – A 38,900 674,453 0.45 Qinghai Salt Lake Industry – A 14,400 173,358 0.11

234 iShares Asia Trust iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.68%) (Continued) Holdings HK$ Net Assets Listed Equities (99.68%) (Continued) China (99.68%) (Continued) Risesun Real Estate Devel – A 16,100 183,067 0.12 S F Holding Co Ltd – A 2,600 159,230 0.11 Saic Motor Corp Ltd – A 44,600 1,595,373 1.06 Sanan Optoelectronics Co L – A 25,300 574,186 0.38 Sany Heavy Industry Co Ltd – A 47,500 444,887 0.29 Sdic Essence Holdings Co L – A 13,600 243,632 0.16 Sdic Power Holdings Co Ltd – A 51,900 472,346 0.31 Sealand Securities Co Ltd – A 37,800 239,508 0.16 Searainbow Hldg Corp Co – A 9,100 261,354 0.17 Shaanxi Coal Industry Co L – A 29,400 239,460 0.16 Shandong Gold Mining Co Lt – A 9,600 319,953 0.21 Shanghai 2345 Network Hold – A 24,310 200,243 0.13 Shanghai Bailian Group Co – A 11,000 205,926 0.14 Shanghai Construction Grou – A 57,715 253,991 0.17 Shanghai Electric Grp Co L – A 39,900 347,964 0.23 Shanghai Electric Power Co – A 9,800 136,495 0.09 Shanghai Fosun Pharmaceuti – A 12,993 463,871 0.31 Shanghai International Air – A 12,300 528,684 0.35 Shanghai International Por – A 38,200 279,009 0.18 Shanghai Lujiazui Fin&Trad – A 10,800 294,128 0.19 Shanghai Oriental Pearl Me – A 16,800 419,405 0.28 Shanghai Pharmaceuticals – A 15,500 515,697 0.34 Shanghai Pudong Devel Bank – A 140,582 2,048,737 1.36 Shanghai RAAS Blood Produc – A 12,600 293,797 0.19 Shanghai SMI Holding Co Lt – A 13,000 157,403 0.10 Shanghai Tunnel Engineerin – A 24,000 279,253 0.18 Shanghai Zhangjiang High – A 12,100 235,301 0.16 Shanxi Securities Co Ltd – A 13,900 153,407 0.10 Shanxi Xishan Coal & Elec – A 21,200 214,191 0.14 Shenwan Hongyuan Group Co – A 74,800 482,565 0.32 Shenzhen Inovance Technolo – A 12,900 379,557 0.25 Shenzhen Kingdom Sci-Tech – A 6,300 127,593 0.08 Shenzhen O-Film Tech Co – A 24,500 512,846 0.34 Shenzhen Overseas Chinese – A 45,100 522,685 0.35 Shenzhen Zhongjin Lingnan – A 18,400 237,411 0.16 Siasun Robot & Automation – A 14,400 323,492 0.21 Sichuan Chuantou Energy Co – A 27,700 313,370 0.21 Sinolink Securities Co Ltd – A 26,100 352,398 0.23 Sinopec Oilfield Service C – A 18,600 71,569 0.05 Sinopec Shanghai Petroche – A 31,300 238,348 0.16

iShares Asia Trust 235 iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.68%) (Continued) Holdings HK$ Net Assets Listed Equities (99.68%) (Continued) China (99.68%) (Continued) Songcheng Performance Deve – A 7,600 182,727 0.12 Soochow Securities Co Ltd – A 26,800 346,721 0.23 Southwest Securities Co Lt – A 36,100 233,311 0.15 Spring Airlines Co Ltd – A 3,100 120,103 0.08 Suning Commerce Group Co – A 46,700 605,251 0.40 Suning Universal Co Ltd – A 17,100 115,441 0.08 Sunshine City Group Co Ltd – A 24,400 163,598 0.11 Suzhou Gold Mantis Constr – A 20,300 256,782 0.17 Suzhou Victory Precision – A 27,400 292,299 0.19 Tasly Pharmaceutical Group – A 8,000 382,844 0.25 TBEA Co Ltd – A 46,366 551,780 0.37 TCL Corp – A 100,300 396,334 0.26 Tianqi Lithium Corp – A (formerly known as Tianqi Lithium Industr Ind – A) 8,000 500,905 0.33 Tongling Nonferrous Metals – A 77,100 252,254 0.17 Tsinghua Tongfang Co Ltd – A 22,700 369,255 0.24 Tsinghua Unisplendour Co – A 2,000 140,825 0.09 Tus-Sound Environmen-Res – A 6,400 258,941 0.17 Unigroup Guoxin Co Ltd – A 5,300 188,180 0.12 Wanda Film Holding Co Ltd – A (formerly known as Wanda Cinema Line Co Ltd – A) 6,300 369,931 0.25 Wangsu Science & Technolog – A 19,471 270,746 0.18 Wanhua Chemical Group Co – A 18,480 609,735 0.40 Wanxiang Qianchao Co Ltd – A 16,080 196,733 0.13 Wasu Media Holding Co Ltd – A 8,000 137,415 0.09 Weichai Power Co Ltd – A 31,400 477,496 0.32 Western Securities Co Ltd – A 22,680 371,543 0.25 Wintime Energy Co Ltd – A 63,600 261,572 0.17 Wonders Information Co Ltd – A 9,200 154,211 0.10 Wuchan Zhongda Group Co L – A 21,900 183,924 0.12 Wuhu Shunrong Sanqi Intera – A 5,200 153,179 0.10 Wuliangye Yibin Co Ltd – A 23,300 1,494,050 0.99 XCMG Construction Machin – A 57,900 250,136 0.17 Xiamen C & D Inc – A 17,700 263,656 0.17 Xiamen Tungsten Co Ltd – A 5,400 133,689 0.09 Xinhu Zhongbao Co Ltd – A 50,900 263,874 0.17 Xinjiang Goldwind Sci&Tech – A 20,200 360,004 0.24 Yanzhou Coal Mining Co – A 7,600 107,167 0.07 Yonghui Superstores Co Ltd – A 49,000 399,664 0.26 Yonyou Network Technology – A 10,000 197,228 0.13

236 iShares Asia Trust iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.68%) (Continued) Holdings HK$ Net Assets Listed Equities (99.68%) (Continued) China (99.68%) (Continued) Youngor Group Co – A 26,460 308,487 0.20 Youzu Interactive Co Ltd – A 4,700 171,967 0.11 Yunnan Baiyao Group Co Ltd – A 6,500 702,771 0.47 Zhangzhou Pientzehuang Pha – A 3,800 267,217 0.18 Zhejiang Century Huatong – A 3,900 162,914 0.11 Zhejiang China Commodities – A 37,100 309,441 0.20 Zhejiang Chint Electrics – A 5,500 127,294 0.08 Zhejiang Dahua Technology – A 18,452 484,880 0.32 Zhejiang Huace Film & TV – A 9,600 123,867 0.08 Zhejiang Longsheng Group C – A 31,200 342,542 0.23 Zhejiang Zheneng Electric – A 51,800 325,828 0.22 Zhengzhou Yutong Bus Co – A 16,900 427,743 0.28 Zhongjin Gold Corp – A 23,600 272,696 0.18 Zhongtian Financial Group – A (formerly known as Zhongtian Urban Developmen – A) 36,100 289,040 0.19 Zijin Mining Group Co Ltd – A 140,300 554,393 0.37 Zoomlion Heavy Industry S – A 58,600 303,117 0.20 ZTE Corp – A 31,700 866,974 0.57 Total investments 150,538,911 99.68 Other net assets 481,814 0.32 Net assets attributable to unitholders at 30th June 2017 151,020,725 100.00 Total investments, at cost 135,442,968

iShares Asia Trust 237 iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) For the period ended 30th June 2017

Holdings Corporate Investments 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities AECC Aero-Engine Control – A (formerly known as Avic Aero-Engine Controls – A) – 8,000 – 2,600 5,400 AECC Aviation Power Co – A (formerly known as Avic Aviation Engine Corp – A) – 15,400 – 4,800 10,600 Agricultural Bank of China – A 22,100 694,300 – 240,200 476,200 Aier Eye Hospital Group Co – A 7,400 – 2,600 10,000 – Air China Ltd – A 50,400 – – 25,500 24,900 Aisino Corp – A 21,100 – – 6,600 14,500 Alpha Group – A – 9,700 – 3,000 6,700 Aluminum Corp of China Ltd – A 33,500 88,600 – 38,200 83,900 Anhui Conch Cement Co Ltd – A – 37,400 – 11,800 25,600 Anxin Trust Co Ltd – A – 14,400 11,760 4,600 21,560 Aurora Optoelectronics Co – A 4,200 3,700 3,300 2,400 8,800 Avic Aircraft Co Ltd – A 26,000 2,200 – 10,800 17,400 Avic Capital Co Ltd – A 33,200 56,500 – 33,600 56,100 Avic Helicopter Co Ltd – A 4,200 – – 1,200 3,000 Bank of Beijing Co Ltd – A – 224,400 – 73,700 150,700 Bank of China Ltd – A – 391,300 – 132,200 259,100 Bank of Communications Co – A 93,500 416,600 – 165,900 344,200 Bank of Guiyang Co Ltd – A – 8,600 – – 8,600 Bank of Jiangsu Co Ltd – A – 15,900 – – 15,900 Bank of Nanjing Co Ltd – A 9,500 57,400 – 21,000 45,900 Bank of Ningbo Co Ltd – A – 36,200 – 11,200 25,000 Bank of Shanghai Co Ltd – A – 8,300 – – 8,300 Baoshan Iron & Steel Co – A – 138,516 – 26,200 112,316 BBMG Corporation – A – 39,000 – – 39,000 Beijing Capital Co Ltd – A 47,500 – – 11,800 35,700 Beijing Capital Developmen – A – 19,000 – 6,000 13,000 Beijing Dabeinong Technolo – A 40,400 – – 12,600 27,800 Beijing Enlight Media Co L – A 16,900 – – 5,200 11,700 Beijing Gehua Catv Network – A – 12,800 – 4,000 8,800 Beijing Jetsen Technology – A 15,500 5,000 – 20,500 – Beijing Orient Landscape – A 20,600 – – 6,400 14,200 Beijing Originwater Techno – A 32,800 2,900 – 11,200 24,500 Beijing Sanju Environmenta – A 10,200 1,100 3,850 3,600 11,550 Beijing Shiji Information – A 5,200 2,200 – 2,200 5,200 Beijing Shougang Co Ltd – A – 19,800 – – 19,800 Beijing Tongrentang Co – A – 9,200 – 2,800 6,400 Beijing Ultrapower Softwar – A – 25,500 – 25,500 – Beijing Xinwei Technology – A 27,300 – – – 27,300 Bluefocus Communication Gr – A 27,400 – – 27,400 –

238 iShares Asia Trust iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) BOE Technology Group Co Lt – A – 449,600 – 156,700 292,900 Bohai Financial Investment – A – 33,200 – 10,200 23,000 BYD Co Ltd – A 6,700 3,500 – 3,200 7,000 By-Health Co Ltd – A 17,100 – – 17,100 – Changjiang Securities Co L – A – 65,000 – 24,000 41,000 China Avionics Systems Co – A 7,900 2,800 – 3,200 7,500 China Baoan Group – A – 39,700 – 12,400 27,300 China Citic Bank Corp Ltd – A – 56,900 – 17,800 39,100 China Communications Const – A – 28,600 – 9,000 19,600 China Construction Bank – A – 125,600 – 39,200 86,400 China CSSC Holdings Ltd – A 13,600 – – 4,200 9,400 China Eastern Airlines Co – A – 54,200 – 17,000 37,200 China Everbright Bank Co – A – 297,900 – 101,800 196,100 China Film Co Ltd – A – 7,000 – – 7,000 China Fortune Land Develop – A 17,500 2,700 – 5,400 14,800 China Gezhouba Group Co Lt – A 53,100 – – 16,600 36,500 China Grand Automotive Ser – A 26,200 6,000 6,660 10,000 28,860 China Hainan Rubber Indust – A – 24,800 – 7,800 17,000 China High-Speed Railway – A 11,300 5,500 – 5,200 11,600 China International Travel – A – 9,100 6,300 2,800 12,600 China Intl Marine Contain – A – 14,100 – 14,100 – China Life Insurance Co – A – 31,100 – 11,100 20,000 China Media Group – A (formerly known as Huawen Media Investment – A) 24,900 12,800 – 11,800 25,900 China Merchants Bank – A – 191,600 – 62,400 129,200 China Merchants Energy – A – 34,100 – 10,800 23,300 China Merchants Securities – A – 41,800 – 13,000 28,800 China Merchants Shekou Ind – A – 44,300 – 13,800 30,500 China Minsheng Banking – A – 442,300 – 144,900 297,400 China Molybdenum Co Ltd – A – 73,600 – 23,000 50,600 China National Chemical – A – 24,700 – – 24,700 China National Nuclear Pow – A – 95,200 – 34,900 60,300 China Northern Rare Earth – A – 38,800 – 12,000 26,800 China Nuclear Engineering – A 7,600 3,000 – 3,200 7,400 China Pacific Insurance Gr – A – 58,800 – 20,100 38,700 China Petroleum & Chemical – A – 195,600 – 61,000 134,600 China Railway Construction – A 14,300 73,600 – 30,300 57,600 China Railway Group Ltd – A 34,200 104,300 – 43,200 95,300 China Security & Fire – A 12,100 – – – 12,100 China Shenhua Energy Co – A – 37,300 – 11,800 25,500 China Shipbuilding Industry Co Ltd – A 166,700 7,300 – 58,900 115,100

iShares Asia Trust 239 iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) China Shipbuilding Industry Group Power Co Ltd – A 5,400 1,700 – 2,200 4,900 China Southern Airlines Co – A 67,000 – – 21,000 46,000 China Spacesat Co Ltd – A 1,600 10,000 – 3,600 8,000 China State Construction – A 6,600 274,000 – 91,800 188,800 China United Network – A 162,100 – – 59,300 102,800 China Vanke Co Ltd – A – 127,500 – 41,500 86,000 China Yangtze Power Co Ltd – A 5,300 116,700 – 40,800 81,200 Chinese Universe Publishin – A 10,800 – – 3,200 7,600 Chongqing Changan Automob – A 5,300 32,800 – 12,000 26,100 Chongqing Sokon Industry G – A – 4,100 – 1,000 3,100 Citic Guoan Information – A – 48,700 – 15,200 33,500 Citic Heavy Industries Co – A – 33,600 – 10,600 23,000 Citic Securities Co – A – 144,900 – 45,200 99,700 Cofco Tunhe Sugar Co Ltd – A (formerly known as Cofco Tunhe Co Ltd – A) – 18,900 – 6,000 12,900 Cosco Shipping Developme – A 60,700 – – 19,000 41,700 Cosco Shipping Holdings Co – A – 71,000 – 22,200 48,800 CRRC Corp Ltd – A 79,500 104,500 – 61,000 123,000 CSSC Offshore and Marine E – A 1,900 5,900 – 3,700 4,100 Daqin Railway Co Ltd – A 114,900 – – 41,200 73,700 DHC Software Co Ltd – A 7,100 12,300 – 6,000 13,400 Digital China Information – A 3,800 2,400 – 2,000 4,200 Dong-E-E-Jiaoco Ltd – A 9,700 – – 3,000 6,700 Dongfang Electric Corp Ltd – A 12,400 – – 12,400 – Dongxing Securities Co Lt – A – 20,200 – 6,200 14,000 Dongxu Optoelectronic Tech – A – 32,700 – – 32,700 Dr Peng Telcom & Media Gr – A 20,000 2,300 – 7,000 15,300 East Money Information Co – A – 39,700 5,460 12,400 32,760 Eternal Asia Supply Chain – A 4,400 22,800 – 8,600 18,600 Everbright Securitie Co – A 12,600 23,700 – 11,200 25,100 Faw Car Company Limited – A 13,500 – – 13,500 – Fiberhome Telecom Tech Co – A 10,300 – – 3,200 7,100 Financial Street Holdings – A – 22,200 – 7,000 15,200 First Capital Securities C – A 3,500 1,500 2,040 1,600 5,440 Focus Media Information Te – A – 11,300 – 3,600 7,700 Founder Securities Co Ltd – A – 78,500 – 23,000 55,500 Fujian Sunner Development – A 6,600 – – – 6,600 Future Land Holdings Co – A 13,200 4,400 – 5,600 12,000 Fuyao Glass Industry Group – A – 27,500 – 8,600 18,900 GD Power Development Co – A – 227,600 – 71,000 156,600

240 iShares Asia Trust iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Gemdale Corp – A – 41,600 – 13,000 28,600 GF Securities Co Ltd – A 35,000 18,600 – 16,800 36,800 Giant Network Group Co Ltd – A – 2,500 500 – 3,000 Goertek Inc – A – 18,300 12,500 5,800 25,000 Great Wall Motor Co Ltd – A – 23,900 – 7,400 16,500 Gree Electric Appliances I – A – 90,000 – 30,000 60,000 Greenland Holdings Corp Lt – A 33,800 26,700 – 14,800 45,700 GRG Banking Equipment Co – A – 15,000 5,100 4,800 15,300 Guangdong Golden Dragon De – A – 7,500 – 7,500 – Guanghui Energy Co Ltd – A – 57,700 – 18,000 39,700 Guangshen Railway Co Ltd – A 64,000 – – 20,000 44,000 Guangxi Wuzhou Zhongheng G – A 49,200 – – 49,200 – Guangzhou Baiyunshan Phar – A – 11,400 – 3,600 7,800 Guangzhou Haige Communicat – A 4,800 26,900 – 8,000 23,700 Guizhou Bailing Group Phar – A – 7,800 – 2,400 5,400 Guosen Securities Co Ltd – A – 45,700 – 14,200 31,500 Guotai Junan Securities Co – A – 85,000 – 26,600 58,400 Guoxuan High-Tech Co Ltd – A 7,200 1,600 – 2,800 6,000 Guoyuan Securities Co Ltd – A – 20,900 7,150 6,600 21,450 Hainan Airlines Holding Co – A (formerly known as Hainan Airlines Co – A) – 121,600 – 38,000 83,600 Haitong Securities Co Ltd – A – 148,800 – 46,600 102,200 Hangzhou Hikvision Digital – A 5,300 38,600 11,700 10,600 45,000 Hangzhou Robam Appliances – A – 5,900 – – 5,900 Han’s Laser Technology In – A – 14,900 – 4,800 10,100 Henan Shuanghui Investment – A 19,500 – – 6,000 13,500 Hesteel Co Ltd – A 16,100 62,400 – 24,600 53,900 Hisense Electric Co Ltd – A – 15,400 – 4,800 10,600 Hithink Royalflush Informa – A 3,400 700 – 1,200 2,900 Huaan Securities Co Ltd – A – 5,700 – – 5,700 Huadong Medicine Co Ltd – A – 4,700 3,300 1,400 6,600 Hualan Biological Engineer – A 10,300 – – 3,200 7,100 Huatai Securities Co Ltd – A – 61,900 – 19,200 42,700 Huaxia Bank Co Ltd – A – 100,000 13,120 34,400 78,720 Huayi Brothers Media Corp – A 31,200 – – 9,800 21,400 Huayu Automotive Systems – A 18,900 4,300 – 7,200 16,000 Hubei Biocause Pharmaceuti – A 19,000 6,600 – 12,700 12,900 Hunan TV & Broadcast Int – A – 20,100 – 6,200 13,900 Hundsun Technologies Inc – A 9,400 – – 3,000 6,400 Iflytek Co Ltd – A – 17,900 – 5,600 12,300 Ind & Comm Bk of China – A – 403,500 – 133,900 269,600

iShares Asia Trust 241 iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Industrial Bank Co Ltd – A 8,600 237,800 – 90,500 155,900 Industrial Securities Co – A – 90,600 – 28,200 62,400 Inner Mongolia Baotou Ste – A – 175,700 48,280 55,000 168,980 Inner Mongolia Junzheng En – A 10,200 36,600 – 14,600 32,200 Inner Mongolia Yili Indus – A 113,000 – – 37,200 75,800 Inspur Electronic Informat – A – 10,000 – 3,000 7,000 Jiangsu Bicon Pharmaceutic – A – 5,800 – – 5,800 Jiangsu Broadcasting Cable – A 10,600 15,800 – 8,200 18,200 Jiangsu Hengrui Medicine C – A 27,200 – 3,580 9,300 21,480 Jiangsu Phoenix Publish – A – 17,400 – 17,400 – Jiangsu Protruly Vision Te – A – 16,600 – 5,200 11,400 Jiangsu Yanghe Brewery – A – 11,400 – 3,900 7,500 Jiangsu Zhongtian Technolo – A – 25,000 – – 25,000 Jiangxi Copper Co Ltd – A – 16,400 – 5,000 11,400 Jihua Group Corp Ltd – A – 25,600 – 8,000 17,600 Jilin Aodong Pharmaceutica – A 14,100 – 2,910 4,400 12,610 Jinduicheng Molybdenum Co – A – 15,000 – 4,800 10,200 Juneyao Airlines Co Ltd – A – 5,000 – 5,000 – Kangde Xin Composite Mater – A – 45,900 – 14,200 31,700 Kangmei Pharmaceutical Co – A 56,700 – – 19,900 36,800 Kingenta Ecological Engine – A – 29,000 – 9,000 20,000 Kweichow Moutai Co Ltd – A 9,400 200 – 3,300 6,300 Leo Group Co Ltd – A 9,800 3,200 22,500 4,000 31,500 Leshi Internet Information – A – 22,000 – 6,800 15,200 Liaoning Cheng Da Co Ltd – A 24,100 – – 7,600 16,500 Luxin Venture Capital Grp – A 4,200 2,200 – 6,400 – Luxshare Precision Industr – A – 14,700 – 4,600 10,100 Luzhou Laojiao Co Ltd – A 13,800 – – 4,200 9,600 Meihua Holdings Group Co – A – 34,300 – 34,300 – Meinian Onehealth Healthca – A – 15,100 – – 15,100 Metallurgical Corp of Chin – A 84,500 24,400 – 41,900 67,000 Midea Group Co Ltd – A 3,800 79,700 – 27,200 56,300 Muyuan Foodstuff Co Ltd – A 6,100 2,200 – 2,600 5,700 Nanjing Xinjiekou Dept – A – 5,500 – – 5,500 Nari Technology Co Ltd – A – 18,200 – – 18,200 Neusoft Corp – A – 19,700 – 6,200 13,500 New China Life Insurance C – A – 15,400 – 4,800 10,600 New Hope Liuhe Co Ltd – A – 38,700 – 12,000 26,700 Ningbo Zhoushan Port Co Lt – A – 78,300 – 24,400 53,900 Northeast Securities Co Lt – A – 28,210 – 8,800 19,410 Offshore Oil Engineering – A – 37,700 – 11,800 25,900

242 iShares Asia Trust iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Orient Securities Co Ltd – A 6,300 37,200 – 3,600 39,900 Ourpalm Co Ltd – A – 24,200 – – 24,200 Pacific Securities Co/The – A 9,300 89,700 – 19,400 79,600 Pang Da Automobile Trade – A 24,400 61,600 – 86,000 – People.Cn Co Ltd – A – 11,600 – 11,600 – Petrochina Co Ltd – A – 90,400 – 28,200 62,200 Ping An Bank Co Ltd – A 23,500 135,900 – 53,600 105,800 Ping An Insurance Group Co – A – 202,500 – 65,400 137,100 Poly Real Estate Group Co – A – 136,000 – 46,400 89,600 Power Construction Corp of – A – 82,700 – 25,800 56,900 Qingdao Haier Co Ltd – A – 56,700 – 17,800 38,900 Qinghai Salt Lake Industry – A – 13,800 4,800 4,200 14,400 Risesun Real Estate Devel – A – 23,300 – 7,200 16,100 S F Holding Co Ltd – A – 2,600 – – 2,600 Saic Motor Corp Ltd – A 59,900 4,900 – 20,200 44,600 Sanan Optoelectronics Co L – A – 36,900 – 11,600 25,300 Sany Heavy Industry Co Ltd – A 36,300 33,000 – 21,800 47,500 Sdic Essence Holdings Co L – A – 19,800 – 6,200 13,600 Sdic Power Holdings Co Ltd – A 23,400 52,300 – 23,800 51,900 Sealand Securities Co Ltd – A 41,800 13,000 – 17,000 37,800 Searainbow Hldg Corp Co – A – 13,300 – 4,200 9,100 Shaanxi Coal Industry Co L – A – 39,400 – 10,000 29,400 Shandong Gold Mining Co Lt – A – 13,800 – 4,200 9,600 Shanghai 2345 Network Hold – A – 20,900 10,010 6,600 24,310 Shanghai Bailian Group Co – A – 16,000 – 5,000 11,000 Shanghai Bairun Investment – A – 3,300 – 3,300 – Shanghai Construction Grou – A 60,000 10,500 9,215 22,000 57,715 Shanghai Electric Grp Co L – A – 39,900 – – 39,900 Shanghai Electric Power Co – A – 18,400 – 8,600 9,800 Shanghai Fosun Pharmaceuti – A 18,793 – – 5,800 12,993 Shanghai International Air – A – 17,900 – 5,600 12,300 Shanghai International Por – A 42,300 13,100 – 17,200 38,200 Shanghai Jinjiang Internat – A 1,800 1,700 – 3,500 – Shanghai Lujiazui Fin&Trad – A – 15,600 – 4,800 10,800 Shanghai Oriental Pearl Me – A 7,800 16,600 – 7,600 16,800 Shanghai Pharmaceuticals – A – 22,500 – 7,000 15,500 Shanghai Pudong Devel Bank – A – 161,740 32,442 53,600 140,582 Shanghai RAAS Blood Produc – A – 18,400 – 5,800 12,600 Shanghai SMI Holding Co Lt – A – 13,000 – – 13,000 Shanghai Tunnel Engineerin – A 5,200 29,600 – 10,800 24,000 Shanghai Waigaoqiao Ftz – A 4,300 2,600 – 6,900 –

iShares Asia Trust 243 iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Shanghai Zhangjiang High – A – 17,500 – 5,400 12,100 Shanxi Securities Co Ltd – A 5,000 15,100 – 6,200 13,900 Shanxi Xishan Coal & Elec – A 25,000 5,800 – 9,600 21,200 Shenwan Hongyuan Group Co – A – 117,400 – 42,600 74,800 Shenzhen Agricultural Prod – A – 13,600 – 13,600 – Shenzhen Energy Group Co L – A – 22,000 – 22,000 – Shenzhen Infogem Technolog – A – 4,100 – 4,100 – Shenzhen Inovance Technolo – A 18,700 – – 5,800 12,900 Shenzhen Kingdom Sci-Tech – A – 9,300 – 3,000 6,300 Shenzhen O-Film Tech Co – A 1,500 14,100 14,700 5,800 24,500 Shenzhen Overseas Chinese – A 7,000 58,500 – 20,400 45,100 Shenzhen Zhongjin Lingnan – A 3,800 22,800 – 8,200 18,400 Siasun Robot & Automation – A 21,000 – – 6,600 14,400 Sichuan Changhong Electric – A – 75,100 – 75,100 – Sichuan Chuantou Energy Co – A – 40,500 – 12,800 27,700 Sinolink Securities Co Ltd – A – 37,900 – 11,800 26,100 Sinopec Oilfield Service C – A – 27,000 – 8,400 18,600 Sinopec Shanghai Petroche – A – 45,500 – 14,200 31,300 Songcheng Performance Deve – A – 10,800 – 3,200 7,600 Soochow Securities Co Ltd – A – 39,000 – 12,200 26,800 Southwest Securities Co Lt – A – 52,500 – 16,400 36,100 Spring Airlines Co Ltd – A – 4,500 – 1,400 3,100 Suning Commerce Group Co – A 4,500 63,400 – 21,200 46,700 Suning Universal Co Ltd – A 18,600 6,300 – 7,800 17,100 Sunshine City Group Co Ltd – A 23,900 11,500 – 11,000 24,400 Suzhou Gold Mantis Constr – A – 29,500 – 9,200 20,300 Suzhou Victory Precision – A 27,400 – – – 27,400 Tasly Pharmaceutical Group – A – 11,600 – 3,600 8,000 TBEA Co Ltd – A 60,600 11,866 – 26,100 46,366 TCL Corp – A – 145,900 – 45,600 100,300 Tian Di Science & Technolo – A – 28,500 – 28,500 – Tianqi Lithium Corp – A (formerly known as Tianqi Lithium Industr Ind – A) 10,200 1,600 – 3,800 8,000 Tonghua Dongbao Pharmaceut – A – 17,300 2,380 19,680 – Tongling Nonferrous Metals – A – 112,100 – 35,000 77,100 Tsinghua Tongfang Co Ltd – A 32,900 – – 10,200 22,700 Tsinghua Unisplendour Co – A 2,100 900 – 1,000 2,000 Tus-Sound Environmen-Res – A – 11,100 – 4,700 6,400 Unigroup Guoxin Co Ltd – A 5,600 1,500 – 1,800 5,300 Wanda Film Holding Co Ltd – A (formerly known as Wanda Cinema Line Co Ltd – A) 900 8,400 – 3,000 6,300

244 iShares Asia Trust iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Wangsu Science & Technolog – A 9,000 – 12,971 2,500 19,471 Wanhua Chemical Group Co – A – 22,400 3,080 7,000 18,480 Wanxiang Qianchao Co Ltd – A 19,400 – 2,680 6,000 16,080 Wasu Media Holding Co Ltd – A 2,800 8,800 – 3,600 8,000 Weichai Power Co Ltd – A 45,600 – – 14,200 31,400 Western Securities Co Ltd – A – 30,680 – 8,000 22,680 Wintime Energy Co Ltd – A 43,500 48,900 – 28,800 63,600 Wonders Information Co Ltd – A 2,200 11,000 – 4,000 9,200 Wuchan Zhongda Group Co L – A – 21,200 7,300 6,600 21,900 Wuhan Iron & Steel Co Ltd – A – 86,100 – 86,100 – Wuhu Shunrong Sanqi Intera – A – 5,200 – – 5,200 Wuliangye Yibin Co Ltd – A 35,300 – – 12,000 23,300 XCMG Construction Machin – A 68,500 15,600 – 26,200 57,900 Xiamen C & D Inc – A 28,500 6,300 – 17,100 17,700 Xiamen Tungsten Co Ltd – A – 8,000 – 2,600 5,400 Xinhu Zhongbao Co Ltd – A – 74,100 – 23,200 50,900 Xinjiang Goldwind Sci&Tech – A 29,400 – – 9,200 20,200 Xinxing Ductile Iron Pipes – A – 40,400 – 40,400 – Yanzhou Coal Mining Co – A – 10,800 – 3,200 7,600 Yonghui Superstores Co Ltd – A – 71,200 – 22,200 49,000 Yonyou Network Technology – A 2,400 12,200 – 4,600 10,000 Youngor Group Co – A – 27,700 7,560 8,800 26,460 Youzu Interactive Co Ltd – A 5,000 1,900 – 2,200 4,700 Yunnan Baiyao Group Co Ltd – A – 10,000 – 3,500 6,500 Zhangzhou Pientzehuang Pha – A – 3,800 – – 3,800 Zhejiang Century Huatong – A – 3,900 – – 3,900 Zhejiang China Commodities – A – 53,900 – 16,800 37,100 Zhejiang Chint Electrics – A 7,900 – – 2,400 5,500 Zhejiang Dahua Technology – A – 26,852 – 8,400 18,452 Zhejiang Huace Film & TV – A 13,800 – – 4,200 9,600 Zhejiang Longsheng Group C – A – 45,400 – 14,200 31,200 Zhejiang Wanfeng Auto – A 14,800 3,700 2,540 21,040 – Zhejiang Zheneng Electric – A 18,800 56,600 – 23,600 51,800 Zhengzhou Yutong Bus Co – A – 24,700 – 7,800 16,900 Zhongjin Gold Corp – A – 34,400 – 10,800 23,600 Zhongtian Financial Group – A (formerly known as Zhongtian Urban Developmen – A) – 52,300 – 16,200 36,100 Zijin Mining Group Co Ltd – A – 204,100 – 63,800 140,300 Zoomlion Heavy Industry S – A 85,200 – – 26,600 58,600 ZTE Corp – A 42,600 3,500 – 14,400 31,700

iShares Asia Trust 245 iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed CAAPs issued by Credit Suisse AG, Nassau Branch AECC Aero-Engine Control – A (formerly known as Avic Aero-Engine Controls – A) 5,692 – – 5,692 – Agricultural Bank of China – A 458,429 – – 458,429 – Alpha Group – A 10,586 – – 10,586 – Aluminum Corp of China Ltd – A 86,505 – – 86,505 – Anhui Conch Cement Co Ltd – A 40,221 – – 40,221 – Avic Capital Co Ltd – A 47,244 – – 47,244 – Bank of Beijing Co Ltd – A 230,367 – – 230,367 – Bank of China Ltd – A 383,506 – – 383,506 – Bank of Communications Co – A 426,778 – – 426,778 – Bank of Nanjing Co Ltd – A 55,481 – – 55,481 – Bank of Ningbo Co Ltd – A 39,204 – – 39,204 – Baoshan Iron & Steel Co – A 99,323 – – 99,323 – Beijing Ultrapower Softwar – A 22,416 – – 22,416 – BOE Technology Group Co Lt – A 168,879 – – 168,879 – BYD Co Ltd – A 2,629 – – 2,629 – Changjiang Securities Co L – A 66,702 – – 66,702 – China Baoan Group – A 41,205 – – 41,205 – China Citic Bank Corp Ltd – A 58,930 – – 58,930 – China Communications Const – A 30,789 – – 30,789 – China Construction Bank – A 127,166 – – 127,166 – China Eastern Airlines Co – A 13,092 – – 13,092 – China Everbright Bank Co – A 301,530 – – 301,530 – China Hainan Rubber Indust – A 7,396 – – 7,396 – China International Travel – A 9,320 – – 9,320 – China Intl Marine Contain – A 14,758 – – 14,758 – China Life Insurance Co – A 33,181 – – 33,181 – China Media Group – A (formerly known as Huawen Media Investment – A) 11,202 – – 11,202 – China Merchants Bank – A 195,336 – – 195,336 – China Merchants Securities – A 43,877 – – 43,877 – China Merchants Shekou Ind – A 46,004 – – 46,004 – China Minsheng Banking – A 447,670 – – 447,670 – China Northern Rare Earth – A 43,821 – – 43,821 – China Pacific Insurance Gr – A 59,525 – – 59,525 – China Petroleum & Chemical – A 205,604 – – 205,604 – China Railway Group Ltd – A 108,316 – – 108,316 – China Shenhua Energy Co – A 37,587 – – 37,587 – China Vanke Co Ltd – A 128,868 – – 128,868 – Chongqing Changan Automob – A 31,625 – – 31,625 –

246 iShares Asia Trust iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed CAAPs issued by Credit Suisse AG, Nassau Branch (Continued) Citic Securities Co – A 149,055 – – 149,055 – Cosco Shipping Holdings Co – A 70,646 – – 70,646 – CRRC Corp Ltd – A 92,286 – – 92,286 – DHC Software Co Ltd – A 10,552 – – 10,552 – Dongfang Electric Corp Ltd – A 11,176 – – 11,176 – Dongxu Optoelectronic Tech – A 13,574 – – 13,574 – East Money Information Co – A 39,220 – – 39,220 – Everbright Securitie Co – A 21,564 – – 21,564 – Faw Car Company Limited – A 2,420 – – 2,420 – Financial Street Holdings – A 22,592 – – 22,592 – Fuyao Glass Industry Group – A 4,152 – – 4,152 – Gemdale Corp – A 45,132 – – 45,132 – GF Securities Co Ltd – A 18,325 – – 18,325 – Gree Electric Appliances I – A 91,140 – – 91,140 – Guangdong Golden Dragon De – A 8,454 – – 8,454 – Guanghui Energy Co Ltd – A 62,981 – – 62,981 – Guangzhou Haige Communicat – A 28,684 – – 28,684 – Guosen Securities Co Ltd – A 45,716 – – 45,716 – Guoyuan Securities Co Ltd – A 24,198 – – 24,198 – Hainan Airlines Holding Co – A (formerly known as Hainan Airlines Co – A) 88,718 – – 88,718 – Haitong Securities Co Ltd – A 153,186 – – 153,186 – Han’s Laser Technology In – A 16,973 – – 16,973 – Hangzhou Hikvision Digital – A 27,815 – – 27,815 – Hesteel Co Ltd – A 73,055 – – 73,055 – Huatai Securities Co Ltd – A 34,850 – – 34,850 – Huaxia Bank Co Ltd – A 103,765 – – 103,765 – Huayu Automotive Systems – A 2,746 – – 2,746 – Hunan TV & Broadcast Int – A 22,608 – – 22,608 – Iflytek Co Ltd – A 18,135 – – 18,135 – Ind & Comm Bk of China – A 408,419 – – 408,419 – Industrial Bank Co Ltd – A 239,523 – – 239,523 – Industrial Securities Co – A 89,868 – – 89,868 – Inner Mongolia Baotou Ste – A 194,959 – – 194,959 – Inner Mongolia Junzheng En – A 44,376 – – 44,376 – Jiangxi Copper Co Ltd – A 15,464 – – 15,464 – Jinduicheng Molybdenum Co – A 19,429 – – 19,429 – Kangde Xin Composite Mater – A 48,169 – – 48,169 – Kingenta Ecological Engine – A 30,316 – – 30,316 – Leshi Internet Information – A 18,354 – – 18,354 –

iShares Asia Trust 247 iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed CAAPs issued by Credit Suisse AG, Nassau Branch (Continued) Luxshare Precision Industr – A 16,445 – – 16,445 – Meihua Holdings Group Co – A 37,647 – – 37,647 – Midea Group Co Ltd – A 79,922 – – 79,922 – Nari Technology Co Ltd – A 24,150 – – 24,150 – New China Life Insurance C – A 16,032 – – 16,032 – New Hope Liuhe Co Ltd – A 24,372 – – 24,372 – Northeast Securities Co Lt – A 28,276 – – 28,276 – Offshore Oil Engineering – A 44,429 – – 44,429 – Orient Securities Co Ltd – A 50,592 – – 50,592 – Pacific Securities Co/The – A 80,544 – – 80,544 – Pang Da Automobile Trade – A 54,472 – – 54,472 – People.Cn Co Ltd – A 11,752 – – 11,752 – Petrochina Co Ltd – A 97,629 – – 97,629 – Ping An Bank Co Ltd – A 133,393 – – 133,393 – Ping An Insurance Group Co – A 201,160 – – 201,160 – Poly Real Estate Group Co – A 134,736 – – 134,736 – Power Construction Corp of – A 54,545 – – 54,545 – Qingdao Haier Co Ltd – A 60,400 – – 60,400 – Qinghai Salt Lake Industry – A 14,427 – – 14,427 – Risesun Real Estate Devel – A 24,988 – – 24,988 – Sany Heavy Industry Co Ltd – A 27,715 – – 27,715 – Sdic Power Holdings Co Ltd – A 51,606 – – 51,606 – Sealand Securities Co Ltd – A 7,346 – – 7,346 – Searainbow Hldg Corp Co – A 14,471 – – 14,471 – Shaanxi Coal Industry Co L – A 40,199 – – 40,199 – Shandong Gold Mining Co Lt – A 14,055 – – 14,055 – Shanghai Electric Grp Co L – A 10,554 – – 10,554 – Shanghai International Por – A 21,632 – – 21,632 – Shanghai Lujiazui Fin&Trad – A 14,302 – – 14,302 – Shanghai Oriental Pearl Me – A 17,132 – – 17,132 – Shanghai Pudong Devel Bank – A 163,690 – – 163,690 – Shanghai RAAS Blood Produc – A 20,404 – – 20,404 – Shanghai SMI Holding Co Lt – A 29,771 – – 29,771 – Shanghai Waigaoqiao Ftz – A 3,960 – – 3,960 – Shanxi Securities Co Ltd – A 14,503 – – 14,503 – Shenwan Hongyuan Group Co – A 120,923 – – 120,923 – Shenzhen Energy Group Co L – A 24,001 – – 24,001 – Shenzhen O-Film Tech Co – A 12,198 – – 12,198 – Shenzhen Overseas Chinese – A 54,320 – – 54,320 – Shenzhen Zhongjin Lingnan – A 27,388 – – 27,388 –

248 iShares Asia Trust iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed CAAPs issued by Credit Suisse AG, Nassau Branch (Continued) Sichuan Changhong Electric – A 73,613 – – 73,613 – Sinolink Securities Co Ltd – A 36,194 – – 36,194 – Sinopec Shanghai Petroche – A 41,215 – – 41,215 – Soochow Securities Co Ltd – A 25,709 – – 25,709 – Southwest Securities Co Lt – A 54,972 – – 54,972 – Spring Airlines Co Ltd – A 4,400 – – 4,400 – Suning Commerce Group Co – A 66,173 – – 66,173 – Suzhou Gold Mantis Constr – A 30,949 – – 30,949 – TCL Corp – A 128,302 – – 128,302 – Tianjin Zhonghuan Semicond – A 11,759 – – 11,759 – Tonghua Dongbao Pharmaceut – A 18,259 – – 18,259 – Tongling Nonferrous Metals – A 132,437 – – 132,437 – Tus-Sound Environmen-Res – A 9,709 – – 9,709 – Wanhua Chemical Group Co – A 20,753 – – 20,753 – Western Securities Co Ltd – A 27,328 – – 27,328 – Wintime Energy Co Ltd – A 42,602 – – 42,602 – Wuhan Iron & Steel Co Ltd – A 76,008 – – 76,008 – XCMG Construction Machin – A 10,018 – – 10,018 – Xinhu Zhongbao Co Ltd – A 67,376 – – 67,376 – Xinxing Ductile Iron Pipes – A 43,548 – – 43,548 – Yanzhou Coal Mining Co – A 8,407 – – 8,407 – Yonghui Superstores Co Ltd – A 82,248 – – 82,248 – Youngor Group Co – A 29,893 – – 29,893 – Zhejiang China Commodities – A 54,221 – – 54,221 – Zhejiang Dahua Technology – A 28,587 – – 28,587 – Zhejiang Longsheng Group C – A 45,749 – – 45,749 – Zhejiang Zheneng Electric – A 36,076 – – 36,076 – Zhengzhou Yutong Bus Co – A 26,458 – – 26,458 – Zhongjin Gold Corp – A 33,898 – – 33,898 – Zijin Mining Group Co Ltd – A 190,557 – – 190,557 –

iShares Asia Trust 249 iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed CAAPs issued by HSBC Bank plc Anxin Trust Co Ltd – A 17,000 – – 17,000 – Aurora Optoelectronics Co – A 4,400 – – 4,400 – Beijing Capital Developmen – A 21,500 – – 21,500 – Beijing Gehua Catv Network – A 13,400 – – 13,400 – Bohai Financial Investment – A 35,360 – – 35,360 – China Merchants Energy – A 42,240 – – 42,240 – China National Nuclear Pow – A 93,120 – – 93,120 – China Railway Construction – A 68,764 – – 68,764 – China State Construction – A 277,392 – – 277,392 – China Yangtze Power Co Ltd – A 119,672 – – 119,672 – Citic Guoan Information – A 52,750 – – 52,750 – Citic Heavy Industries Co – A 24,560 – – 24,560 – Cofco Tunhe Sugar Co Ltd – A (formerly known as Cofco Tunhe Co Ltd – A) 19,700 – – 19,700 – CSSC Offshore and Marine E – A 4,700 – – 4,700 – Dongxing Securities Co Lt – A 21,700 – – 21,700 – Eternal Asia Supply Chain – A 24,200 – – 24,200 – Focus Media Information Te – A 11,800 – – 11,800 – Fuyao Glass Industry Group – A 24,400 – – 24,400 – GD Power Development Co – A 226,340 – – 226,340 – Greenland Holdings Corp Lt – A 6,700 – – 6,700 – GRG Banking Equipment Co – A 15,500 – – 15,500 – Guizhou Bailing Group Phar – A 8,100 – – 8,100 – Guotai Junan Securities Co – A 83,900 – – 83,900 – Inspur Electronic Informat – A 11,500 – – 11,500 – Jiangsu Broadcasting Cable – A 15,496 – – 15,496 – Jiangsu Protruly Vision Te – A 17,700 – – 17,700 – Jihua Group Corp Ltd – A 30,720 – – 30,720 – Juneyao Airlines Co Ltd – A 2,720 – – 2,720 – Ourpalm Co Ltd – A 37,320 – – 37,320 – Sdic Essence Holdings Co L – A 21,300 – – 21,300 – Shanghai 2345 Network Hold – A 16,100 – – 16,100 – Shanghai Bairun Investment – A 2,900 – – 2,900 – Shanghai Electric Power Co – A 17,040 – – 17,040 – Shanghai International Air – A 19,220 – – 19,220 – Shanghai Tunnel Engineerin – A 31,360 – – 31,360 – Shanghai Zhangjiang High – A 15,440 – – 15,440 – Shenzhen Infogem Technolog – A 5,200 – – 5,200 – Shenzhen Kingdom Sci-Tech – A 9,600 – – 9,600 – Sichuan Chuantou Energy Co – A 43,914 – – 43,914 – Sinopec Oilfield Service C – A 35,100 – – 35,100 –

250 iShares Asia Trust iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed CAAPs issued by HSBC Bank plc (Continued) Songcheng Performance Deve – A 11,440 – – 11,440 – Tian Di Science & Technolo – A 31,800 – – 31,800 – Wanda Film Holding Co Ltd – A (formerly known as Wanda Cinema Line Co Ltd – A) 7,980 – – 7,980 – Wonders Information Co Ltd – A 10,800 – – 10,800 – Wuchan Zhongda Group Co L – A 22,100 – – 22,100 – Zhongtian Financial Group – A (formerly known as Zhongtian Urban Developmen – A) 54,020 – – 54,020 –

iShares Asia Trust 251 iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed CAAPs issued by UBS AG London Branch AECC Aero-Engine Control – A (formerly known as Avic Aero-Engine Controls – A) 3,538 – – 3,538 – AECC Aviation Power Co – A (formerly known as Avic Aviation Engine Corp – A) 15,524 – – 15,524 – Agricultural Bank of China – A 243,300 – – 243,300 – Beijing Tongrentang Co – A 10,552 – – 10,552 – Beijing Ultrapower Softwar – A 1,524 – – 1,524 – BOE Technology Group Co Lt – A 281,077 – – 281,077 – China Eastern Airlines Co – A 42,636 – – 42,636 – China Hainan Rubber Indust – A 16,100 – – 16,100 – China Molybdenum Co Ltd – A 74,564 – – 74,564 – China Spacesat Co Ltd – A 10,637 – – 10,637 – Cosco Shipping Holdings Co – A 3,969 – – 3,969 – Dongxu Optoelectronic Tech – A 23,371 – – 23,371 – East Money Information Co – A 2,824 – – 2,824 – Everbright Securitie Co – A 1,785 – – 1,785 – Founder Securities Co Ltd – A 80,484 – – 80,484 – Goertek Inc – A 18,493 – – 18,493 – Great Wall Motor Co Ltd – A 24,049 – – 24,049 – Guangdong Golden Dragon De – A 531 – – 531 – Guangzhou Baiyunshan Phar – A 10,609 – – 10,609 – Guosen Securities Co Ltd – A 1,624 – – 1,624 – Hainan Airlines Holding Co – A (formerly known as Hainan Airlines Co – A) 42,400 – – 42,400 – Hisense Electric Co Ltd – A 15,853 – – 15,853 – Huadong Medicine Co Ltd – A 4,490 – – 4,490 – Huatai Securities Co Ltd – A 28,519 – – 28,519 – Jiangsu Phoenix Publish – A 15,204 – – 15,204 – Jiangsu Yanghe Brewery – A 12,016 – – 12,016 – Leshi Internet Information – A 1,231 – – 1,231 – Nari Technology Co Ltd – A 4,936 – – 4,936 – Neusoft Corp – A 19,099 – – 19,099 – New Hope Liuhe Co Ltd – A 15,546 – – 15,546 – Ningbo Zhoushan Port Co Lt – A 75,636 – – 75,636 – Orient Securities Co Ltd – A 1,338 – – 1,338 – Pacific Securities Co/The – A 34,697 – – 34,697 – Power Construction Corp of – A 27,678 – – 27,678 – Sanan Optoelectronics Co L – A 40,504 – – 40,504 – Shanghai Bailian Group Co – A 13,685 – – 13,685 – Shanghai Pharmaceuticals – A 22,028 – – 22,028 –

252 iShares Asia Trust iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed CAAPs issued by UBS AG London Branch (Continued) Shanxi Securities Co Ltd – A 1,303 – – 1,303 – Shenzhen Agricultural Prod – A 12,877 – – 12,877 – Soochow Securities Co Ltd – A 14,564 – – 14,564 – Spring Airlines Co Ltd – A 400 – – 400 – Tasly Pharmaceutical Group – A 12,938 – – 12,938 – Wasu Media Holding Co Ltd – A 8,273 – – 8,273 – Wuhan Iron & Steel Co Ltd – A 5,162 – – 5,162 – Yonyou Network Technology – A 11,008 – – 11,008 – Zhejiang Zheneng Electric – A 20,598 – – 20,598 –

iShares Asia Trust 253 iShares Core CSI 300 Index ETF (formerly known as iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF)) (a Sub-Fund of iShares Asia Trust) Performance Record (unaudited)

Net Asset Value

Dealing Dealing Net asset value Net asset value per unit of the Sub-Fund HK$ HK$ At end of financial period dated 31st December 2015 29.25 292,498,075 31st December 2016 24.21 193,698,426 30th June 2017 27.46 151,020,725

Highest and lowest net asset value per unit

Highest net asset Lowest net asset value per unit value per unit HK$ HK$ Financial period ended 31st December 2010 (since inception) 33.18 23.07 31st December 2011 31.34 21.51 31st December 2012 25.01 18.66 31st December 2013 23.86 18.87 31st December 2014 29.59 17.71 31st December 2015 44.41 23.96 31st December 2016 27.54 21.97 30th June 2017 27.46 24.22

254 iShares Asia Trust iShares Core KOSPI 200 Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) As at 30th June 2017

Fair value % of Investments (99.85%) Holdings US$ Net Assets Listed Equities (99.85%) South Korea (99.85%) Able C&C 194 4,375 0.03 Aluko Co Ltd 912 3,539 0.03 Amorepacific Corp 563 149,589 1.15 Amorepacific Group 503 57,152 0.44 BGF Retail Co Ltd 323 28,513 0.22 Binggrae Co Ltd 96 5,722 0.04 BNK Financial Group Inc 4,800 45,938 0.35 Boryung Pharmaceutical Co 68 2,983 0.02 Bukwang Pharmaceutical Co 535 9,983 0.08 Cheil Worldwide Inc 1,168 18,784 0.14 Chong Kun Dang Pharmaceutica 112 11,942 0.09 CJ Cheiljedang Corp 134 42,338 0.32 CJ Corp 224 37,100 0.28 CJ Korea Express Corp 160 25,241 0.19 Cosmax Inc 123 12,363 0.09 Coway Co Ltd 848 77,081 0.59 Cuckoo Electronics Co Ltd 48 6,083 0.05 Daeduck Electronics Co 576 5,563 0.04 Daekyo Co Ltd 432 3,081 0.02 Daelim Industrial Co Ltd 480 37,338 0.29 Daesang Corporation 352 8,137 0.06 Daewoo Engineering & Constr 3,520 23,320 0.18 Daewoo Shipbuilding & Marine 290 9,084 0.07 Daewoong Pharmaceutical Co 96 7,207 0.06 Dong Ah Tire & Rubber Co Ltd 160 3,804 0.03 Dong-A Socio Holdings Co Ltd 85 10,066 0.08 Dong-A St Co Ltd 112 9,025 0.07 Dongbu Hitek Co Ltd 608 11,956 0.09 Dongbu Insurance Co Ltd 868 51,588 0.40 Dongkuk Steel Mill Co Ltd 1,216 15,570 0.12 Dongsuh Companies Inc 549 14,683 0.11 Dongwon F&B Co Ltd 16 3,405 0.03 Dongwon Systems Corp 64 3,071 0.02 Doosan Corp 128 13,313 0.10 Doosan Heavy Industries 992 18,164 0.14 Doosan Infracore Co Ltd 2,112 15,598 0.12 E-Mart Inc 365 74,809 0.57 Farmsco 256 2,976 0.02 Foosung Co Ltd 784 7,229 0.06 Grand Korea Leisure Co Ltd 528 10,337 0.08 Green Cross Corp 96 14,641 0.11

iShares Asia Trust 255 iShares Core KOSPI 200 Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.85%) (Continued) Holdings US$ Net Assets Listed Equities (99.85%) (Continued) South Korea (99.85%) (Continued) Green Cross Holdings Corp 441 12,257 0.09 GS Engineering & Construct 492 13,094 0.10 GS Holdings 928 55,316 0.42 GS Retail Co Ltd 464 20,926 0.16 Halla Holdings Corp 128 7,182 0.06 Hana Financial Group 4,804 189,993 1.46 Hanall Biopharma Co Ltd 576 6,570 0.05 Handsome Co Ltd 224 6,402 0.05 Hanil Cement Co Ltd 64 6,433 0.05 Hanjin Heavy Indus & Const 1,120 4,405 0.03 Hankook Shell Oil Co Ltd 10 3,514 0.03 Hankook Tire Co Ltd 1,301 72,319 0.55 Hankook Tire Worldwide Co Lt 400 7,621 0.06 Hanmi Pharm Co Ltd 121 39,447 0.30 Hanmi Science Co Ltd 326 24,048 0.18 Hanon Systems 4,528 40,762 0.31 Hansae Co Ltd 272 6,371 0.05 Hansol Chemical Co Ltd 144 8,936 0.07 Hansol Technics Co Ltd 288 4,279 0.03 Hanssem Co Ltd 160 25,731 0.20 Hanwha Chemical Corp 1,824 48,145 0.37 Hanwha Corporation 768 31,817 0.24 Hanwha Life Insurance Co Ltd 5,888 35,817 0.27 Hanwha Techwin Co Ltd 624 24,270 0.19 Hite Jinro Co Ltd 528 10,752 0.08 Hotel Shilla Co Ltd 560 27,947 0.21 Huchems Fine Chemical Corp 416 9,726 0.07 Hyosung Corporation 360 52,703 0.40 Hyundai Dept Store Co 256 24,724 0.19 Hyundai Development Co-Engin 1,121 46,000 0.35 Hyundai Elevator Co 288 15,430 0.12 Hyundai Engineering & Const 1,320 53,128 0.41 Hyundai Glovis Co Ltd 320 43,910 0.34 Hyundai Greenfood Co Ltd 912 14,109 0.11 Hyundai Heavy Industries 648 99,962 0.77 Hyundai Home Shopping Networ 128 14,655 0.11 Hyundai Livart Co Ltd 208 4,327 0.03 Hyundai Marine & Fire Ins Co 1,062 36,525 0.28 Hyundai Mipo Dockyard 208 19,816 0.15 Hyundai Mobis Co Ltd 1,190 260,018 1.99 Hyundai Motor Co 2,580 359,664 2.76

256 iShares Asia Trust iShares Core KOSPI 200 Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.85%) (Continued) Holdings US$ Net Assets Listed Equities (99.85%) (Continued) South Korea (99.85%) (Continued) Hyundai Robotics Co Ltd 143 48,306 0.37 Hyundai Rotem Company 800 14,439 0.11 Hyundai Steel Co 1,517 82,469 0.63 Hyundai Wia Corp 256 15,618 0.12 Iljin Materials Co Ltd 272 7,596 0.06 Ilyang Pharmaceutical Co Ltd 208 7,408 0.06 Industrial Bank of Korea 4,473 55,710 0.43 Innocean Worldwide Inc 201 11,208 0.09 IS Dongseo Co Ltd 218 8,384 0.06 Jeil Pharmaceutical Co 120 7,195 0.06 JW Pharmaceutical 197 8,110 0.06 Kangwon Land Inc 2,243 68,320 0.52 KB Financial Group Inc 6,307 318,065 2.44 KCC Corp 90 34,336 0.26 Kepco Engineering & Construc 224 3,847 0.03 Kepco Plant Service & Engine 384 14,818 0.11 KIA Motors Corp 4,460 148,907 1.14 Kiswire Ltd 96 3,230 0.02 Kolon Industries Inc 272 16,380 0.13 Korea Aerospace Industries 1,382 68,849 0.53 Korea Electric Power Corp 5,610 200,051 1.53 Korea Electric Terminal Co 128 7,988 0.06 Korea Gas Corporation 624 29,014 0.22 Korea Investment Holdings Co 778 47,667 0.37 Korea Kolmar Co Ltd 288 18,174 0.14 Korea Petro Chemical Ind 58 12,825 0.10 Korea Zinc Co Ltd 153 60,978 0.47 Korean Air Lines Co Ltd 1,081 36,564 0.28 KT Corp 3,971 113,145 0.87 KT&G Corp 1,922 196,542 1.51 Kumho Petrochemical Co Ltd 304 19,529 0.15 Kumho Tire Co Inc 2,416 15,858 0.12 Kwang Dong Pharmaceutical Co 576 4,405 0.03 Kyungbang Ltd 160 2,182 0.02 LF Corp 320 8,391 0.06 LG Chem Ltd 814 207,031 1.59 LG Corp 1,659 112,084 0.86 LG Display Co Ltd 4,070 131,973 1.01 LG Electronics Inc 1,862 130,518 1.00 LG Hausys Ltd 112 10,719 0.08 LG Household & Health Care 165 143,347 1.10

iShares Asia Trust 257 iShares Core KOSPI 200 Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.85%) (Continued) Holdings US$ Net Assets Listed Equities (99.85%) (Continued) South Korea (99.85%) (Continued) LG Innotek Co Ltd 240 34,611 0.27 LG International Corp 464 12,592 0.10 LG Uplus Corp 4,966 67,709 0.52 LIG Nex1 Co Ltd 191 12,353 0.09 Lock&Lock Co Ltd 272 3,518 0.03 Lotte Chemical Corp 269 80,877 0.62 Lotte Chilsung Beverage Co 10 14,980 0.12 Lotte Confectionery Co Ltd 96 16,613 0.13 Lotte Fine Chemical Co Ltd 288 9,905 0.08 Lotte Food Co Ltd 12 6,670 0.05 Lotte Shopping Co 199 52,787 0.40 LS Corp 304 19,369 0.15 LS Industrial Systems 272 13,265 0.10 Mando Corp 118 26,557 0.20 Meritz Securities Co Ltd 6,359 28,123 0.22 Mirae Asset Daewoo Co Ltd 6,410 61,907 0.48 Muhak Co Ltd 240 4,982 0.04 Namhae Chemical Corp 384 3,625 0.03 Namyang Dairy Products Co 6 4,012 0.03 Naver Corp 451 330,322 2.53 Ncsoft Corp 329 109,125 0.84 Netmarble Games Corp 424 57,440 0.44 Nexen Tire Corp 656 7,654 0.06 NH Investment & Securities C 2,624 34,057 0.26 Nongshim Co Ltd 55 16,224 0.12 OCI Co Ltd 256 20,070 0.15 Orion Holdings (formerly known as Orion Corp) 78 54,402 0.42 Ottogi Corporation 22 15,190 0.12 Pan Ocean Co Ltd 3,510 16,198 0.12 Poongsan Corp 336 12,628 0.10 POSCO 1,224 307,030 2.35 POSCO DAEWOO Corp 782 15,241 0.12 S&T Motiv Co Ltd 160 7,062 0.05 S-1 Corporation 460 38,998 0.30 Samsung Biologics Co Ltd 259 66,100 0.51 Samsung C&T Corp 1,495 193,384 1.48 Samsung Card Co 471 16,075 0.12 Samsung Electro-Mechanics Co 977 87,099 0.67 Samsung Electronics Co Ltd 1,708 3,548,412 27.21 Samsung Engineering Co Ltd 2,160 22,466 0.17 Samsung Fire & Marine Ins 553 136,057 1.04

258 iShares Asia Trust iShares Core KOSPI 200 Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.85%) (Continued) Holdings US$ Net Assets Listed Equities (99.85%) (Continued) South Korea (99.85%) (Continued) Samsung Heavy Industries 4,378 47,639 0.37 Samsung Life Insurance Co Ltd 1,491 152,469 1.17 Samsung Sdi Co Ltd 904 135,503 1.04 Samsung Sds Co Ltd 555 89,496 0.69 Samsung Securities Co Ltd 1,188 42,883 0.33 Samyang Corp 48 4,321 0.03 Samyang Holdings Corp 80 8,565 0.07 Seah Besteel Corp 208 5,554 0.04 Seah Steel Corporation 48 4,078 0.03 Sebang Global Battery Co Ltd 144 5,003 0.04 Shinhan Financial Group Ltd 7,213 310,799 2.38 Shinsegae Inc 128 25,675 0.20 Sindoh Co Ltd 96 4,732 0.04 SK Chemicals Co Ltd 288 18,526 0.14 SK Holdings Co Ltd 617 149,916 1.15 SK Hynix Inc 9,907 583,605 4.48 SK Innovation Co Ltd 1,098 152,107 1.17 SK Networks Co Ltd 2,528 13,809 0.11 SK Telecom 904 210,168 1.61 SKC Co Ltd 352 10,322 0.08 SL Corp 208 3,927 0.03 S-Oil Corp 789 65,374 0.50 SPC Samlip 32 5,076 0.04 Ssangyong Cement Ind 377 4,827 0.04 Ssangyong Motor Co 704 4,209 0.03 Taekwang Industrial Co Ltd 7 6,589 0.05 Tongyang Inc 3,648 7,254 0.06 Unid Co Ltd 80 3,374 0.03 Woori Bank 8,875 143,114 1.10 Young Poong Corporation 6 6,125 0.05 Youngone Corp 368 10,968 0.08 Yuhan Corp 150 32,251 0.25 Yungjin Pharmaceutical Co 1,504 14,920 0.11 Total investments 13,022,789 99.85 Other net assets 19,355 0.15 Net assets attributable to unitholders at 30th June 2017 13,042,144 100.00 Total investments, at cost 10,458,241

iShares Asia Trust 259 iShares Core KOSPI 200 Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) For the period ended 30th June 2017

Holdings Corporate Investments 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities Able C&C 254 – – 60 194 Aluko Co Ltd – 1,140 – 228 912 Amorepacific Corp 714 23 – 174 563 Amorepacific Group 630 27 – 154 503 BGF Retail Co Ltd 378 43 – 98 323 Binggrae Co Ltd 126 – – 30 96 BNK Financial Group Inc 6,531 546 – 2,277 4,800 Boryung Pharmaceutical Co 88 – – 20 68 Bukwang Pharmaceutical Co 705 – – 170 535 Byucksan Corporation 987 – – 987 – Cheil Worldwide Inc 1,533 – – 365 1,168 Chokwang Leather Co Ltd 42 – – 42 – Chong Kun Dang Pharmaceutica 147 – – 35 112 CJ Cheiljedang Corp 179 – – 45 134 CJ Corp 294 – – 70 224 CJ Korea Express Corp 210 – – 50 160 Cosmax Inc 163 – – 40 123 Coway Co Ltd 1,113 – – 265 848 Crownhaitai Holdings (formerly known as Crown Confectionery Co Ltd) 147 210 – 357 – Cuckoo Electronics Co Ltd 63 – – 15 48 Daeduck Electronics Co 756 – – 180 576 Daekyo Co Ltd 567 – – 135 432 Daelim Industrial Co Ltd 630 – – 150 480 Daesang Corporation 462 – – 110 352 Daewoo Engineering & Constr 4,620 – – 1,100 3,520 Daewoo Shipbuilding & Marine 2,900 – (2,610) – 290 Daewoong Pharmaceutical Co 126 – – 30 96 Dong Ah Tire & Rubber Co Ltd 210 – – 50 160 Dong-A Socio Holdings Co Ltd 84 25 – 24 85 Dong-A St Co Ltd 147 – – 35 112 Dongbu Hitek Co Ltd 798 – – 190 608 Dongbu Insurance Co Ltd 1,092 44 – 268 868 Dongkuk Steel Mill Co Ltd 1,596 – – 380 1,216 Dongsuh Companies Inc – 685 – 136 549 Dongwon F&B Co Ltd 21 – – 5 16 Dongwon Systems Corp 84 – – 20 64 Doosan Corp 168 – – 40 128 Doosan Heavy Industries 1,302 – – 310 992 Doosan Infracore Co Ltd 2,772 – – 660 2,112 E-Mart Inc 462 17 – 114 365

260 iShares Asia Trust iShares Core KOSPI 200 Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Farmsco 336 – – 80 256 Foosung Co Ltd 1,029 – – 245 784 Grand Korea Leisure Co Ltd 693 – – 165 528 Green Cross Corp 126 – – 30 96 Green Cross Holdings Corp – 553 – 112 441 GS Engineering & Construct – 492 – – 492 GS Holdings 1,134 80 – 286 928 GS Retail Co Ltd 609 – – 145 464 Halla Holdings Corp 168 – – 40 128 Hana Financial Group 6,258 189 – 1,643 4,804 Hanall Biopharma Co Ltd 756 – – 180 576 Handsome Co Ltd 294 – – 70 224 Hanil Cement Co Ltd 84 – – 20 64 Hanjin Heavy Indus & Const 1,470 – – 350 1,120 Hankook Shell Oil Co Ltd 5 9 – 4 10 Hankook Tire Co Ltd 1,659 45 – 403 1,301 Hankook Tire Worldwide Co Lt 525 – – 125 400 Hanmi Pharm Co Ltd 147 – 9 35 121 Hanmi Science Co Ltd 399 – 26 99 326 Hanon Systems 5,943 – – 1,415 4,528 Hansae Co Ltd 357 – – 85 272 Hansol Chemical Co Ltd 189 – – 45 144 Hansol Technics Co Ltd 378 – – 90 288 Hanssem Co Ltd 210 – – 50 160 Hanwha Chemical Corp 2,394 – – 570 1,824 Hanwha Corporation 1,008 – – 240 768 Hanwha Life Insurance Co Ltd 7,728 – – 1,840 5,888 Hanwha Techwin Co Ltd 819 – – 195 624 Hite Jinro Co Ltd 693 – – 165 528 Hitejinro Holdings Co Ltd 147 – – 147 – Hotel Shilla Co Ltd 735 – – 175 560 Huchems Fine Chemical Corp 546 – – 130 416 Hyosung Corporation 504 19 – 163 360 Hyundai Construction Equipme – 49 – 49 – Hyundai Dept Store Co 336 – – 80 256 Hyundai Development Co-Engin 1,411 57 – 347 1,121 Hyundai Electric & Energy Sy – 50 – 50 – Hyundai Elevator Co 378 – – 90 288 Hyundai Engineering & Const 1,617 112 – 409 1,320 Hyundai Glovis Co Ltd 420 – – 100 320 Hyundai Greenfood Co Ltd 1,197 – – 285 912

iShares Asia Trust 261 iShares Core KOSPI 200 Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Hyundai Heavy Industries 1,092 808 – 1,252 648 Hyundai Home Shopping Networ 168 – – 40 128 Hyundai Livart Co Ltd 273 – – 65 208 Hyundai Marine & Fire Ins Co 1,392 – – 330 1,062 Hyundai Mipo Dockyard 273 – – 65 208 Hyundai Mobis Co Ltd 1,512 50 – 372 1,190 Hyundai Motor Co 3,423 112 – 955 2,580 Hyundai Robotics Co Ltd – 179 – 36 143 Hyundai Rotem Company 1,050 – – 250 800 Hyundai Steel Co 1,932 57 – 472 1,517 Hyundai Wia Corp 336 – – 80 256 IL Dong Holdings Co Ltd 102 – – 102 – Iljin Materials Co Ltd 357 – – 85 272 Ilshin Spinning Co Ltd 21 – – 21 – Ilyang Pharmaceutical Co Ltd 273 – – 65 208 Industrial Bank of Korea 6,237 432 – 2,196 4,473 Innocean Worldwide Inc – 253 – 52 201 IS Dongseo Co Ltd 210 74 – 66 218 Jeil Pharmaceutical Co 126 – – 6 120 JW Pharmaceutical 257 – – 60 197 Kangwon Land Inc 3,087 101 – 945 2,243 KB Financial Group Inc 8,773 325 – 2,791 6,307 KCC Corp 109 10 – 29 90 Kepco Engineering & Construc 294 – – 70 224 Kepco Plant Service & Engine 504 – – 120 384 KIA Motors Corp 5,859 182 – 1,581 4,460 KISCO Corp 84 – – 84 – Kiswire Ltd 126 – – 30 96 Kolon Industries Inc 357 – – 85 272 Korea Aerospace Industries 1,512 290 – 420 1,382 Korea Electric Power Corp 7,140 214 – 1,744 5,610 Korea Electric Terminal Co 168 – – 40 128 Korea Gas Corporation 819 – – 195 624 Korea Investment Holdings Co 924 94 – 240 778 Korea Kolmar Co Ltd 378 – – 90 288 Korea Petro Chemical Ind 63 14 – 19 58 Korea Zinc Co Ltd 189 13 – 49 153 Korean Air Lines Co Ltd 1,050 349 – 318 1,081 KT Corp 4,991 – – 1,020 3,971 KT&G Corp 2,444 74 – 596 1,922

262 iShares Asia Trust iShares Core KOSPI 200 Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Kukdo Chemical Co Ltd 105 – – 105 – Kumho Petrochemical Co Ltd 399 – – 95 304 Kumho Tire Co Inc 3,171 – – 755 2,416 Kwang Dong Pharmaceutical Co 756 – – 180 576 Kyungbang Ltd 210 – – 50 160 LF Corp 420 – – 100 320 LG Chem Ltd 1,029 104 – 319 814 LG Corp 2,121 55 – 517 1,659 LG Display Co Ltd 5,187 146 – 1,263 4,070 LG Electronics Inc 2,284 151 – 573 1,862 LG Hausys Ltd 147 – – 35 112 LG Household & Health Care 210 5 – 50 165 LG Innotek Co Ltd 315 – – 75 240 LG International Corp 609 – – 145 464 LG Life Sciences Ltd 252 – – 252 – LG Uplus Corp 6,321 186 – 1,541 4,966 LIG Nex1 Co Ltd – 239 – 48 191 Lock&Lock Co Ltd 357 – – 85 272 Lotte Chemical Corp 332 21 – 84 269 Lotte Chilsung Beverage Co 12 3 – 5 10 Lotte Confectionery Co Ltd 126 – – 30 96 Lotte Fine Chemical Co Ltd 378 – – 90 288 Lotte Food Co Ltd 11 6 – 5 12 Lotte Shopping Co 210 51 – 62 199 LS Corp 399 – – 95 304 LS Industrial Systems 357 – – 85 272 Mando Corp 167 17 – 66 118 Meritz Securities Co Ltd 6,500 1,757 – 1,898 6,359 Mirae Asset Daewoo Co Ltd 4,011 5,196 – 2,797 6,410 Mirae Asset Securities Co Lt 1,659 – – 1,659 – Muhak Co Ltd 315 – – 75 240 Namhae Chemical Corp 504 – – 120 384 Namyang Dairy Products Co 10 – – 4 6 Naver Corp 587 18 – 154 451 Ncsoft Corp 399 55 – 125 329 Netmarble Games Corp – 528 – 104 424 Nexen Tire Corp 861 – – 205 656 NH Investment & Securities C 3,444 – – 820 2,624 Nongshim Co Ltd 63 11 – 19 55 OCI Co Ltd 336 – – 80 256

iShares Asia Trust 263 iShares Core KOSPI 200 Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Orion Holdings (formerly known as Orion Corp) 77 5 – 4 78 Ottogi Corporation 32 – – 10 22 Pan Ocean Co Ltd – 4,386 – 876 3,510 Poongsan Corp 441 – – 105 336 POSCO 1,652 48 – 476 1,224 POSCO DAEWOO Corp 882 138 – 238 782 S&T Dynamics Co Ltd 441 – – 441 – S&T Motiv Co Ltd 210 – – 50 160 S-1 Corporation 546 56 – 142 460 Samkwang Glass 63 – – 63 – Samsung Biologics Co Ltd – 323 – 64 259 Samsung C&T Corp 1,911 47 – 463 1,495 Samsung Card Co 777 – – 306 471 Samsung Electro-Mechanics Co 1,323 47 – 393 977 Samsung Electronics Co Ltd 2,344 – – 636 1,708 Samsung Engineering Co Ltd 2,835 – – 675 2,160 Samsung Fire & Marine Ins 798 17 – 262 553 Samsung Heavy Industries 5,411 321 – 1,354 4,378 Samsung Life Insurance Co Lt 2,226 67 – 802 1,491 Samsung Sdi Co Ltd 1,155 28 – 279 904 Samsung Sds Co Ltd 693 35 – 173 555 Samsung Securities Co Ltd 1,281 264 – 357 1,188 Samyang Corp 63 – – 15 48 Samyang Holdings Corp 105 – – 25 80 Seah Besteel Corp 273 – – 65 208 Seah Steel Corporation 63 – – 15 48 Sebang Global Battery Co Ltd 189 – – 45 144 Shinhan Financial Group Ltd 9,499 286 – 2,572 7,213 Shinsegae Inc 168 – – 40 128 Sindoh Co Ltd 126 – – 30 96 SK Chemicals Co Ltd 378 – – 90 288 SK Holdings Co Ltd 777 29 – 189 617 SK Hynix Inc 12,957 396 – 3,446 9,907 SK Innovation Co Ltd 1,554 37 – 493 1,098 SK Networks Co Ltd 3,318 – – 790 2,528 SK Telecom 1,260 36 – 392 904 SKC Co Ltd 462 – – 110 352 SL Corp 273 – – 65 208 S-Oil Corp 1,008 25 – 244 789 SPC Samlip 42 – – 10 32

264 iShares Asia Trust iShares Core KOSPI 200 Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Ssangyong Cement Ind 1,596 354 – 1,573 377 Ssangyong Info & Comm Corp – 446 – 446 – Ssangyong Motor Co 924 – – 220 704 Suheung Co Ltd 126 – – 126 – Taekwang Industrial Co Ltd 3 4 – – 7 Tongyang Inc 4,788 – – 1,140 3,648 Unid Co Ltd 105 – – 25 80 Woori Bank 6,783 4,635 – 2,543 8,875 Young Poong Corporation 10 – – 4 6 Youngone Corp 483 – – 115 368 Yuhan Corp 195 – – 45 150 Yungjin Pharmaceutical Co 1,974 – – 470 1,504

Listed rightS Korean Air Lines Co Ltd – Rights – – 238 238 – Samsung Securities Co Ltd – Rights – – 164 164 –

iShares Asia Trust 265 iShares Core KOSPI 200 Index ETF (a Sub-Fund of iShares Asia Trust) Performance Record (unaudited)

Net Asset Value

Dealing Dealing Net asset value Net asset value per unit of the Sub-Fund US$ US$ At end of financial period dated 31st December 2016 1.07 13,482,530 30th June 2017 1.36 13,042,144

Highest and lowest net asset value per unit

Highest net asset Lowest net asset value per unit value per unit US$ US$ Financial period ended 31st December 2016 (since inception) 1.17 1.00 30th June 2017 1.37 1.08

266 iShares Asia Trust iShares Core MSCI Taiwan Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) As at 30th June 2017

Fair value % of Investments (99.04%) Holdings US$ Net Assets Listed Equities (99.04%) Taiwan (99.04%) Acer Inc 118,360 62,059 0.26 Advanced Semiconductor Engr 263,750 338,575 1.41 Advantech Co Ltd 15,135 107,219 0.44 Asia Cement Corp 101,040 86,691 0.36 Asia Pacific Telecom Co Ltd 85,096 30,631 0.13 Asustek Computer Inc 28,693 271,178 1.13 Au Optronics Corp 358,922 164,004 0.68 Catcher Technology Co Ltd 27,530 328,966 1.37 Cathay Financial Holding Co 337,294 555,504 2.31 Chailease Holding Co Ltd 43,406 121,000 0.50 Chang Hwa Commercial Bank 208,059 119,350 0.49 Cheng Shin Rubber Ind Co Ltd 78,174 166,268 0.69 Chicony Electronics Co Ltd 21,400 54,239 0.22 China Airlines Ltd 106,040 32,175 0.13 China Development Financial 549,384 159,469 0.66 China Life Insurance Co Ltd 144,390 143,820 0.60 China Steel Corp 483,732 393,569 1.63 Chunghwa Telecom Co Ltd 156,032 553,960 2.30 Compal Electronics 171,512 115,582 0.48 CTBC Financial Holding Co Lt 727,076 476,830 1.98 Delta Electronics Inc 80,293 439,474 1.82 E.Sun Financial Holding Co 339,951 208,977 0.87 Eclat Textile Company Ltd 8,304 101,275 0.42 Eva Airways Corp 81,773 40,456 0.17 Evergreen Marine Corp Ltd 70,928 36,024 0.15 Far Eastern New Century Corp 135,852 110,530 0.46 Far Eastone Telecomm Co Ltd 64,389 164,042 0.68 Feng Tay Enterprise Co Ltd 13,498 59,681 0.25 First Financial Holding Co 367,039 245,537 1.02 Formosa Chemicals & Fibre 125,764 394,821 1.64 Formosa Petrochemical Corp 46,213 159,512 0.66 Formosa Plastics Corp 170,720 520,241 2.16 Formosa Taffeta Co. 30,624 30,755 0.13 Foxconn Technology Co Ltd 38,979 117,629 0.49 Fubon Financial Holding Co 272,922 434,683 1.80 Giant Manufacturing 12,088 69,142 0.29 GlobalWafers Co Ltd 6,000 41,913 0.17 Highwealth Construction Corp 33,000 54,675 0.23 Hiwin Technologies Corp 8,347 56,388 0.23 Hon Hai Precision Industry 637,794 2,453,054 10.19 Hotai Motor Company Ltd 10,172 127,401 0.53

iShares Asia Trust 267 iShares Core MSCI Taiwan Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.04%) (Continued) Holdings US$ Net Assets Listed Equities (99.04%) (Continued) Taiwan (99.04%) (Continued) HTC Corp 26,840 64,056 0.27 Hua Nan Financial Holdings C 279,656 162,259 0.67 Innolux Corp 376,006 196,532 0.82 Inventec Corp 101,376 82,647 0.34 Largan Precision Co Ltd 4,048 645,391 2.68 Lite-On Technology Corp 89,347 146,856 0.61 Mediatek Inc 61,188 523,980 2.18 Mega Financial Holding Co Lt 446,829 371,623 1.54 Merida Industry Co Ltd 8,448 45,267 0.19 Micro – Star International Co Ltd 28,000 65,076 0.27 Nan Ya Plastics Corp 194,287 482,205 2.00 Nanya Technology Corp 27,720 49,936 0.21 Nien Made Enterprise Co Ltd 6,048 67,101 0.28 Novatek Microelectronics Cor 23,259 94,045 0.39 Obi Pharma Inc 4,488 35,556 0.15 Pegatron Corp 80,894 253,425 1.05 Phison Electronics Corp 5,984 73,866 0.31 Pou Chen 93,326 129,159 0.54 Powertech Technology Inc 26,090 80,534 0.33 President Chain Store Corp 23,244 208,982 0.87 Quanta Computer Inc 110,477 261,484 1.09 Realtek Semiconductor Corp 18,392 66,204 0.27 Ruentex Development Co Ltd 33,792 38,102 0.16 Ruentex Industries Ltd 22,792 34,016 0.14 Shin Kong Financial Holding 349,352 93,023 0.39 Siliconware Precision Inds 85,485 138,119 0.57 Sinopac Financial Holdings 421,795 128,951 0.54 Standard Foods Corp 16,019 43,023 0.18 Synnex Technology Intl Corp 57,288 64,218 0.27 Taimed Biologics Inc 6,512 39,496 0.16 Taishin Financial Holding 354,071 161,206 0.67 Taiwan Business Bank 156,609 43,760 0.18 Taiwan Cement 139,316 161,207 0.67 Taiwan Cooperative Financial 311,675 165,468 0.69 Taiwan Fertilizer Co Ltd 29,656 39,434 0.16 Taiwan High Speed Rail Corp 69,000 57,727 0.24 Taiwan Mobile Co Ltd 66,919 251,881 1.05 Taiwan Semiconductor Manufac 1,005,658 6,892,824 28.63 Teco Electric & Machinery 76,690 73,740 0.31 Transcend Information Inc 7,832 26,261 0.11 Uni-President Enterprises Co 198,785 398,616 1.65

268 iShares Asia Trust iShares Core MSCI Taiwan Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.04%) (Continued) Holdings US$ Net Assets Listed Equities (99.04%) (Continued) Taiwan (99.04%) (Continued) United Microelectronics Corp 482,970 234,182 0.97 Vanguard International Semi 36,432 71,858 0.30 Wistron Corp 100,963 102,722 0.43 WPG Holdings Ltd 65,308 87,163 0.36 Yuanta Financial Holding Co 401,878 177,027 0.73 Yulon Motor Company 34,936 31,353 0.13 Zhen Ding Technology Holding 16,280 38,586 0.16 Total investments 23,847,446 99.04 Other net assets 229,960 0.96 Net assets attributable to unitholders at 30th June 2017 24,077,406 100.00 Total investments, at cost 19,082,850

iShares Asia Trust 269 iShares Core MSCI Taiwan Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) For the period ended 30th June 2017

Holdings Corporate Investments 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities Acer Inc 118,360 – – – 118,360 Advanced Semiconductor Engr 255,762 7,988 – – 263,750 Advantech Co Ltd 13,760 – 1,375 – 15,135 Asia Cement Corp 101,040 – – – 101,040 Asia Pacific Telecom Co Ltd 85,096 – – – 85,096 Asustek Computer Inc 28,693 – – – 28,693 Au Optronics Corp 358,922 – – – 358,922 Casetek Holdings Ltd 5,456 – – 5,456 – Catcher Technology Co Ltd 27,530 – – – 27,530 Cathay Financial Holding Co 337,294 – – – 337,294 Chailease Holding Co Ltd 43,406 – – – 43,406 Chang Hwa Commercial Bank 208,059 – – – 208,059 Cheng Shin Rubber Ind Co Ltd 78,174 – – – 78,174 Chicony Electronics Co Ltd 21,400 – – – 21,400 China Airlines Ltd 106,040 – – – 106,040 China Development Financial 549,384 – – – 549,384 China Life Insurance Co Ltd 144,390 – – – 144,390 China Steel Corp 483,732 – – – 483,732 Chunghwa Telecom Co Ltd 156,032 – – – 156,032 Compal Electronics 171,512 – – – 171,512 CTBC Financial Holding Co Lt 727,076 – – – 727,076 Delta Electronics Inc 80,293 – – – 80,293 E.Sun Financial Holding Co 320,741 19,210 – – 339,951 Eclat Textile Company Ltd 8,304 – – – 8,304 Eva Airways Corp 81,773 – – – 81,773 Evergreen Marine Corp Ltd 70,928 – – – 70,928 Far Eastern New Century Corp 135,852 – – – 135,852 Far Eastone Telecomm Co Ltd 64,389 – – – 64,389 Feng Tay Enterprise Co Ltd 13,498 – – – 13,498 First Financial Holding Co 394,039 – – 27,000 367,039 Formosa Chemicals & Fibre 130,764 – – 5,000 125,764 Formosa Petrochemical Corp 46,213 – – – 46,213 Formosa Plastics Corp 170,720 – – – 170,720 Formosa Taffeta Co. 30,624 – – – 30,624 Foxconn Technology Co Ltd 38,979 – – – 38,979 Fubon Financial Holding Co 272,922 – – – 272,922 Giant Manufacturing 12,088 – – – 12,088 GlobalWafers Co Ltd – 6,000 – – 6,000 Highwealth Construction Corp 33,000 – – – 33,000 Hiwin Technologies Corp 8,347 – – – 8,347 Hon Hai Precision Industry 637,794 – – – 637,794

270 iShares Asia Trust iShares Core MSCI Taiwan Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Hotai Motor Company Ltd 10,172 – – – 10,172 HTC Corp 26,840 – – – 26,840 Hua Nan Financial Holdings C 309,656 – – 30,000 279,656 Innolux Corp 376,006 – – – 376,006 Inventec Corp 101,376 – – – 101,376 Largan Precision Co Ltd 4,048 – – – 4,048 Lite-On Technology Corp 89,347 – – – 89,347 Mediatek Inc 61,188 – – – 61,188 Mega Financial Holding Co Lt 446,829 – – – 446,829 Merida Industry Co Ltd 8,448 – – – 8,448 Micro – Star International Co Ltd 28,000 – – – 28,000 Nan Ya Plastics Corp 194,287 – – – 194,287 Nanya Technology Corp 27,720 – – – 27,720 Nien Made Enterprise Co Ltd 6,048 – – – 6,048 Novatek Microelectronics Cor 23,259 – – – 23,259 Obi Pharma Inc 4,488 – – – 4,488 Pegatron Corp 80,894 – – – 80,894 Phison Electronics Corp 5,984 – – – 5,984 Pou Chen 93,326 – – – 93,326 Powertech Technology Inc 26,090 – – – 26,090 President Chain Store Corp 23,244 – – – 23,244 Quanta Computer Inc 110,477 – – – 110,477 Realtek Semiconductor Corp 18,392 – – – 18,392 Ruentex Development Co Ltd 33,792 – – – 33,792 Ruentex Industries Ltd 22,792 – – – 22,792 Shin Kong Financial Holding 349,352 – – – 349,352 Siliconware Precision Inds 85,485 – – – 85,485 Sinopac Financial Holdings 421,795 – – – 421,795 Standard Foods Corp 16,019 – – – 16,019 Synnex Technology Intl Corp 57,288 – – – 57,288 Taimed Biologics Inc 6,512 – – – 6,512 Taishin Financial Holding 354,071 – – – 354,071 Taiwan Business Bank 156,609 – – – 156,609 Taiwan Cement 139,316 – – – 139,316 Taiwan Cooperative Financial 311,675 – – – 311,675 Taiwan Fertilizer Co Ltd 29,656 – – – 29,656 Taiwan High Speed Rail Corp – 69,000 – – 69,000 Taiwan Mobile Co Ltd 66,919 – – – 66,919 Taiwan Semiconductor Manufac 1,013,658 – – 8,000 1,005,658 Teco Electric & Machinery 76,690 – – – 76,690 Transcend Information Inc 7,832 7,832 – 7,832 7,832

iShares Asia Trust 271 iShares Core MSCI Taiwan Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Uni-President Enterprises Co 198,785 – – – 198,785 United Microelectronics Corp 482,970 – – – 482,970 Vanguard International Semi 36,432 – – – 36,432 Wistron Corp 100,963 – – – 100,963 WPG Holdings Ltd 65,308 – – – 65,308 Yuanta Financial Holding Co 401,878 – – – 401,878 Yulon Motor Company 34,936 – – – 34,936 Zhen Ding Technology Holding 16,280 – – – 16,280 Unlisted rightS Advanced Semiconductor Engr – Rights – – 7,988 7,988 – Cathay Financial Holding Co – Rights 19,609 – – 19,609 – E.Sun Financial Holding Co – Rights – – 19,210 19,210 – Taishin Financial Holding – Rights 14,508 – – 14,508 –

272 iShares Asia Trust iShares Core MSCI Taiwan Index ETF (a Sub-Fund of iShares Asia Trust) Performance Record (unaudited)

Net Asset Value

Dealing Dealing Net asset value Net asset value per unit of the Sub-Fund US$ US$ At end of financial period dated 31st December 2016 1.13 19,839,608 30th June 2017 1.37 24,077,341

Highest and lowest net asset value per unit

Highest net asset Lowest net asset value per unit value per unit US$ US$ Financial period ended 31st December 2016 (since inception) 1.20 1.01 30th June 2017 1.39 1.13

iShares Asia Trust 273 iShares DAX Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) As at 30th June 2017

Fair value % of Investments (99.69%) Holdings EUR Net Assets Listed Equities (99.69%) Germany (99.69%) Adidas AG 1,197 200,797 3.10 Allianz Se – Reg 2,949 508,408 7.86 BASF SE 6,013 487,594 7.54 Bayer AG – Reg 5,414 612,865 9.47 Bayerische Motoren Werke AG 2,112 171,663 2.65 Beiersdorf AG 638 58,721 0.91 Commerzbank AG 6,844 71,383 1.10 Continental AG 703 132,832 2.05 Daimler AG – Registered Shares 6,525 413,489 6.39 Deutsche Bank AG – Registered 12,180 189,094 2.92 Deutsche Boerse AG 1,233 113,954 1.76 Deutsche Lufthansa – Reg 3,079 61,349 0.95 Deutsche Post AG – Reg 6,052 198,627 3.07 Deutsche Telekom AG – Reg 20,705 325,483 5.03 E.On SE 14,083 116,156 1.80 Fresenius Medical Care AG 1,379 116,070 1.79 Fresenius SE & Co KGaA 2,677 200,936 3.11 Heidelbergcement AG 961 81,349 1.26 Henkel AG & Co KGaA Vorzug 1,146 138,093 2.13 Infineon Technologies AG 7,352 135,902 2.10 Linde AG 1,153 191,167 2.95 Merck KGaA 841 88,936 1.37 Muenchener Rueckver AG – Reg 1,015 179,198 2.77 ProSiebenSat.1 Media SE 1,498 54,887 0.85 RWE AG 3,220 56,173 0.87 Sap SE 6,336 579,427 8.96 Siemens AG – Reg 5,289 636,531 9.84 Thyssenkrupp AG 2,870 71,391 1.10 Volkswagen AG – Pref 1,196 159,487 2.47 Vonovia SE 2,837 98,628 1.52 Total investments 6,450,590 99.69 Other net assets 20,081 0.31 Net assets attributable to unitholders at 30th June 2017 6,470,671 100.00 Total investments, at cost 5,571,471

274 iShares Asia Trust iShares DAX Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) For the period ended 30th June 2017

Holdings Corporate Investments 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities Adidas AG 1,205 13 – 21 1,197 Allianz Se – Reg 2,952 167 – 170 2,949 BASF SE 5,945 293 – 225 6,013 Bayer AG – Reg 5,365 271 – 222 5,414 Bayerische Motoren Werke AG 2,088 75 – 51 2,112 Beiersdorf AG 638 – – – 638 Commerzbank AG 6,844 – – – 6,844 Continental AG 696 7 – – 703 Daimler AG – Registered Shares 6,467 507 – 449 6,525 Deutsche Bank AG – Registered 8,845 7,110 – 3,775 12,180 Deutsche Boerse AG 1,083 1,233 – 1,083 1,233 Deutsche Lufthansa – Reg 3,016 200 – 137 3,079 Deutsche Post AG – Reg 6,033 290 – 271 6,052 Deutsche Telekom AG – Reg 20,532 682 – 509 20,705 E.On SE 12,644 1,439 – – 14,083 Fresenius Medical Care AG 1,363 16 – – 1,379 Fresenius SE & Co KGaA 2,610 114 – 47 2,677 Heidelbergcement AG 961 – – – 961 Henkel AG & Co KGaA Vorzug 1,131 15 – – 1,146 Infineon Technologies AG 7,279 73 – – 7,352 Linde AG 1,204 20 – 71 1,153 Merck KGaA 841 – – – 841 Muenchener Rueckver AG – Reg 1,021 48 – 54 1,015 ProSiebenSat.1 Media SE 1,485 88 – 75 1,498 RWE AG 3,132 88 – – 3,220 Sap SE 6,277 143 – 84 6,336 Siemens AG – Reg 5,118 447 – 276 5,289 Thyssenkrupp AG 2,813 57 – – 2,870 Volkswagen AG – Pref 1,189 29 – 22 1,196 Vonovia SE 2,755 141 – 59 2,837 Listed rights Deutsche Bank AG – Registered – Rights – – 8,966 8,966 –

iShares Asia Trust 275 iShares DAX Index ETF (a Sub-Fund of iShares Asia Trust) Performance Record (unaudited)

Net Asset Value

Dealing Dealing Net asset value Net asset value per unit of the Sub-Fund EUR EUR At end of financial period dated 31st December 2016 1.05 6,072,552 30th June 2017 1.12 6,470,671

Highest and lowest net asset value per unit

Highest net asset Lowest net asset value per unit value per unit EUR EUR Financial period ended 31st December 2016 (since inception) 1.05 0.85 30th June 2017 1.17 1.05

276 iShares Asia Trust iShares EURO STOXX 50 Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) As at 30th June 2017

Fair value % of Investments (99.75%) Holdings EUR Net Assets Listed Equities (99.75%) Belgium (3.08%) Anheuser-Busch Inbev SA/NV 1,730 167,308 3.08 167,308 3.08 Finland (1.31%) Nokia OYJ 13,311 71,281 1.31 71,281 1.31 France (35.93%) Air Liquide SA 904 97,813 1.80 Airbus SE 1,306 94,032 1.73 AXA SA 4,772 114,289 2.10 BNP Paribas 2,602 164,082 3.02 Compagnie De Saint Gobain 1,189 55,621 1.02 Danone 1,439 94,701 1.74 Engie 3,989 52,715 0.97 Essilor International 500 55,700 1.03 L’Oreal 573 104,515 1.92 LVMH Moet Hennessy Louis Vui 633 138,184 2.54 Orange 4,589 63,741 1.17 Safran SA 850 68,204 1.26 Sanofi 2,713 227,241 4.18 Schneider Electric SE 1,366 91,891 1.69 Societe Generale SA 1,878 88,473 1.63 Total SA 5,783 250,317 4.60 Unibail-Rodamco SE 232 51,191 0.94 Vinci SA 1,276 95,355 1.75 Vivendi 2,338 45,568 0.84 1,953,633 35.93 Germany (33.19%) Adidas AG 442 74,146 1.36 Allianz SE – Reg 1,063 183,261 3.37 BASF SE 2,139 173,452 3.19 Bayer AG – Reg 1,912 216,438 3.98 Bayerische Motoren Werke AG 761 61,854 1.14 Daimler AG – Registered Shares 2,328 147,525 2.71 Deutsche Bank AG – Registered 4,738 73,557 1.35 Deutsche Post AG – Reg 2,266 74,370 1.37 Deutsche Telekom AG – Reg 7,426 116,737 2.15 E.On SE 5,127 42,288 0.78 Fresenius SE & Co KGaA 933 70,031 1.29 Muenchener Rueckver AG – Reg 373 65,853 1.21

iShares Asia Trust 277 iShares EURO STOXX 50 Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.75%) (Continued) Holdings EUR Net Assets Listed Equities (99.75%) (Continued) Germany (33.19%) (Continued) Sap SE 2,321 212,255 3.90 Siemens AG – Reg 1,963 236,247 4.35 Volkswagen AG – Pref 425 56,674 1.04 1,804,688 33.19 Ireland (1.08%) CRH Plc 1,904 58,976 1.08 58,976 1.08 Italy (4.68%) Enel Spa 17,783 83,473 1.54 Eni Spa 5,811 76,473 1.41 Intesa Sanpaolo 33,957 94,265 1.73 254,211 4.68 Netherlands (9.73%) ASML Holding NV 868 99,039 1.82 ING Groep NV 9,049 136,640 2.51 Koninklijke Ahold Delhaize N 2,937 49,165 0.91 Koninklijke Philips NV 2,190 68,098 1.25 Unilever NV – CVA 3,641 175,933 3.24 528,875 9.73 Spain (10.75%) Banco Bilbao Vizcaya Argenta 15,608 113,392 2.09 Banco Santander SA 33,870 196,175 3.61 Iberdrola SA 13,429 93,103 1.71 Industria De Diseno Textil 2,600 87,386 1.61 Telefonica SA 10,410 94,086 1.73 584,142 10.75 Total investments 5,423,114 99.75 Other net assets 13,580 0.25 Net assets attributable to unitholders at 30th June 2017 5,436,694 100.00 Total investments, at cost 4,767,541

278 iShares Asia Trust iShares EURO STOXX 50 Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) For the period ended 30th June 2017

Holdings Corporate Investments 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities Adidas AG 442 – – – 442 Air Liquide SA 900 25 – 21 904 Airbus SE 1,306 – – – 1,306 Allianz SE – Reg 1,046 17 – – 1,063 Anheuser-Busch Inbev SA/NV 1,656 74 – – 1,730 ASML Holding NV 845 23 – – 868 AXA SA 4,772 – – – 4,772 Banco Bilbao Vizcaya Argenta 15,099 509 – – 15,608 Banco Santander SA 33,389 481 – – 33,870 BASF SE 2,112 27 – – 2,139 Bayer AG – Reg 1,893 40 – 21 1,912 Bayerische Motoren Werke AG 728 33 – – 761 BNP Paribas 2,559 43 – – 2,602 Compagnie De Saint Gobain 1,189 – – – 1,189 CRH Plc 1,904 – – – 1,904 Daimler AG – Registered Shares 2,286 42 – – 2,328 Danone 1,396 43 – – 1,439 Deutsche Bank AG – Registered 3,159 1,579 – – 4,738 Deutsche Post AG – Reg 2,188 78 – – 2,266 Deutsche Telekom AG – Reg 7,268 158 – – 7,426 E.On SE 4,700 727 – 300 5,127 Enel Spa 17,783 – – – 17,783 Engie 3,720 269 – – 3,989 Eni Spa 5,811 – – – 5,811 Essilor International 500 – – – 500 Fresenius SE & Co KGaA 912 21 – – 933 Iberdrola SA 13,138 291 – – 13,429 Industria De Diseno Textil 2,398 202 – – 2,600 ING Groep NV 8,911 138 – – 9,049 Intesa Sanpaolo 32,889 33,957 – 32,889 33,957 Koninklijke Ahold Delhaize N 2,937 – – – 2,937 Koninklijke Philips NV 2,175 89 – 74 2,190 L’Oreal 558 15 – – 573 LVMH Moet Hennessy Louis Vui 625 23 – 15 633 Muenchener Rueckver AG – Reg 364 9 – – 373 Nokia OYJ 13,311 – – – 13,311 Orange 4,589 – – – 4,589 Safran SA 813 37 – – 850 Sanofi 2,687 52 – 26 2,713 Sap SE 2,264 57 – – 2,321 Schneider Electric SE 1,343 1,389 – 1,366 1,366

iShares Asia Trust 279 iShares EURO STOXX 50 Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Siemens AG – Reg 1,946 35 – 18 1,963 Societe Generale SA 1,836 87 – 45 1,878 Telefonica SA 9,915 495 – – 10,410 Total SA 5,812 248 – 277 5,783 Unibail-Rodamco SE 225 7 – – 232 Unilever NV – CVA 3,589 98 – 46 3,641 Vinci SA 1,276 – – – 1,276 Vivendi 2,338 – – – 2,338 Volkswagen AG – Pref 425 – – – 425 Listed rights Banco Bilbao Vizcaya Argenta – Rights – – 15,099 15,099 – Deutsche Bank AG – Rights – – 3,159 3,159 – Iberdrola SA – Rights – – 13,138 13,138 –

280 iShares Asia Trust iShares EURO STOXX 50 Index ETF (a Sub-Fund of iShares Asia Trust) Performance Record (unaudited)

Net Asset Value

Dealing Dealing Net asset value Net asset value per unit of the Sub-Fund EUR EUR At end of financial period dated 31st December 2016 1.02 5,100,868 30th June 2017 1.09 5,436,694

Highest and lowest net asset value per unit

Highest net asset Lowest net asset value per unit value per unit EUR EUR Financial period ended 31st December 2016 (since inception) 1.02 0.83 30th June 2017 1.15 1.01

iShares Asia Trust 281 iShares FTSE 100 Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) As at 30th June 2017

Fair value % of Investments (99.21%) Holdings GBP Net Assets Listed Equities (99.20%) Australia (2.08%) Rio Tinto Plc 2,675 86,723 2.08 86,723 2.08 Chile (0.14%) Antofagasta Plc 744 5,948 0.14 5,948 0.14 Germany (0.26%) TUI AG – Di 984 11,011 0.26 11,011 0.26 Ireland (2.98%) CRH Plc 1,838 50,251 1.21 DCC Plc 192 13,421 0.32 Experian Plc 2,126 33,484 0.80 Paddy Power Betfair Plc 180 14,724 0.35 Smurfit Kappa Group Plc 518 12,411 0.30 124,291 2.98 Mali (0.36%) Randgold Resources Ltd 219 14,903 0.36 14,903 0.36 Mexico (0.13%) Fresnillo Plc 360 5,350 0.13 5,350 0.13 Netherlands (9.01%) Royal Dutch Shell Plc – A Shs 9,974 202,971 4.87 Royal Dutch Shell Plc – B Shs 8,361 172,446 4.14 375,417 9.01 South Africa (0.76%) Anglo American Plc 2,496 25,559 0.61 Mediclinic International Plc 840 6,229 0.15 31,788 0.76 Switzerland (2.63%) Coca-Cola HBC AG – Di 408 9,213 0.22 Glencore Plc 25,748 73,948 1.77 Wolseley Plc 561 26,440 0.64 109,601 2.63

282 iShares Asia Trust iShares FTSE 100 Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.21%) Holdings GBP Net Assets Listed Equities (99.20%) United Kingdom (80.85%) 3I Group Plc 2,075 18,727 0.45 Admiral Group Plc 432 8,653 0.21 Ashtead Group Plc 1,171 18,607 0.45 Associated British Foods Plc 826 24,251 0.58 Astrazeneca Plc 2,829 145,269 3.49 Aviva Plc 8,939 47,019 1.13 Babcock Intl Group Plc 1,056 9,298 0.22 BAE Systems Plc 6,986 44,256 1.06 Barclays Plc 37,352 75,731 1.82 Barratt Developments Plc 2,503 14,104 0.34 BHP Billiton Plc 4,665 54,860 1.32 BP Plc 42,894 189,935 4.56 British American Tobacco Plc 4,158 217,630 5.22 British Land Co Plc 2,483 15,035 0.36 BT Group Plc 18,481 54,473 1.31 Bunzl Plc 738 16,885 0.41 Burberry Group Plc 982 16,311 0.39 Carnival Plc 401 20,371 0.49 Centrica Plc 12,461 24,947 0.60 Compass Group Plc 3,497 56,651 1.36 Convatec Group Plc 3,004 9,589 0.23 Croda International Plc 287 11,150 0.27 Diageo Plc 5,501 124,790 2.99 Direct Line Insurance Group 2,904 10,321 0.25 Easyjet Plc 528 7,176 0.17 G4S Plc 3,446 11,248 0.27 GKN Plc 3,624 11,814 0.28 Glaxosmithkline Plc 10,783 176,356 4.23 Hammerson Plc 1,656 9,514 0.23 Hargreaves Lansdown Plc 612 7,968 0.19 HSBC Holdings Plc 44,740 318,415 7.64 Imperial Brands Plc 2,145 73,970 1.78 Informa Plc 1,781 11,915 0.29 Intercontinental Hotels Grou 414 17,665 0.42 Intertek Group Plc 386 16,278 0.39 Intl Consolidated Airline – Di 3,672 22,399 0.54 ITV Plc 8,905 16,154 0.39 Johnson Matthey Plc 408 11,714 0.28 Kingfisher Plc 4,824 14,506 0.35 Land Securities Group Plc 1,848 18,720 0.45 Legal & General Group Plc 13,115 33,876 0.81

iShares Asia Trust 283 iShares FTSE 100 Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.21%) Holdings GBP Net Assets Listed Equities (99.20%) United Kingdom (80.85%) (Continued) Lloyds Banking Group Plc 158,829 105,065 2.52 London Stock Exchange Group 737 26,871 0.65 Marks & Spencer Group Plc 3,432 11,439 0.28 Merlin Entertainment 1,512 7,265 0.17 Micro Focus International 471 10,696 0.26 Mondi Plc 808 16,273 0.39 National Grid Plc 7,637 72,689 1.74 Next Plc 312 12,031 0.29 Old Mutual Plc 10,751 20,792 0.50 Pearson Plc 1,752 12,115 0.29 Persimmon Plc 648 14,528 0.35 Provident Financial Plc 312 7,591 0.18 Prudential Plc 5,819 102,473 2.46 Reckitt Benckiser Group Plc 1,386 107,886 2.59 Relx Plc 2,419 40,155 0.96 Rentokil Initial Plc 4,023 10,995 0.26 Rolls-Royce Holdings Plc 3,802 33,876 0.81 Royal Bank of Scotland Group 7,282 18,001 0.43 Royal Mail Plc 1,920 8,087 0.19 RSA Insurance Group Plc 2,160 13,295 0.32 Sage Group Plc/The 2,555 17,578 0.42 Sainsbury (J) Plc 4,043 10,176 0.24 Schroders Plc 240 7,450 0.18 Scottish Mortgage Inv Tr Plc 2,959 11,830 0.28 Segro Plc 2,220 10,860 0.26 Severn Trent Plc 504 10,997 0.26 Shire Plc 1,985 84,124 2.02 Sky Plc 2,307 22,932 0.55 Smith & Nephew Plc 1,946 25,785 0.62 Smiths Group Plc 828 13,223 0.32 SSE Plc 2,220 32,257 0.77 St James’s Place Plc 1,104 13,049 0.31 Standard Chartered Plc 5,928 46,072 1.11 Standard Life Plc 4,683 18,690 0.45 Taylor Wimpey Plc 6,912 12,179 0.29 Tesco Plc 17,942 30,286 0.73 Unilever Plc 2,665 110,731 2.66 United Utilities Group Plc 1,646 14,279 0.34 Vodafone Group Plc 59,611 129,803 3.11 Whitbread Plc 401 15,908 0.38 WM Morrison Supermarkets 4,584 11,057 0.27

284 iShares Asia Trust iShares FTSE 100 Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.21%) Holdings GBP Net Assets Listed Equities (99.20%) United Kingdom (80.85%) (Continued) Worldpay Group Plc 4,420 13,914 0.33 WPP Plc 2,821 45,531 1.09 3,369,385 80.85 Total listed equity 4,134,417 99.20 UnListed Equities (0.01%) United Kingdom (0.01%) Rolls-Royce Holdings – Entitl 269,942 270 0.01 Total unlisted equity 270 0.01 Total investments 4,134,687 99.21 Other net assets 33,059 0.79 Net assets attributable to unitholders at 30th June 2017 4,167,746 100.00 Total investments, at cost 3,638,538

iShares Asia Trust 285 iShares FTSE 100 Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) For the period ended 30th June 2017

Holdings Corporate Investments 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities 3I Group Plc 2,075 – – – 2,075 Admiral Group Plc 432 – – – 432 Anglo American Plc 2,890 – – 394 2,496 Antofagasta Plc 744 – – – 744 Ashtead Group Plc 1,171 – – – 1,171 Associated British Foods Plc 744 82 – – 826 Astrazeneca Plc 2,789 40 – – 2,829 Aviva Plc 8,939 – – – 8,939 Babcock Intl Group Plc 1,056 – – – 1,056 BAE Systems Plc 6,986 – – – 6,986 Barclays Plc 37,352 – – – 37,352 Barratt Developments Plc 2,112 391 – – 2,503 BHP Billiton Plc 4,665 – – – 4,665 BP Plc 41,099 1,795 – – 42,894 British American Tobacco Plc 4,113 45 – – 4,158 British Land Co Plc 2,160 323 – – 2,483 BT Group Plc 18,481 – – – 18,481 Bunzl Plc 792 – – 54 738 Burberry Group Plc 936 46 – – 982 Capita Plc 1,392 – – 1,392 – Carnival Plc 384 51 – 34 401 Centrica Plc 12,461 – – – 12,461 Coca-Cola HBC AG – Di 408 – – – 408 Compass Group Plc 3,637 – (140) – 3,497 Convatec Group Plc 1,274 1,730 – – 3,004 CRH Plc 1,838 – – – 1,838 Croda International Plc 287 – – – 287 DCC Plc 192 – – – 192 Diageo Plc 5,558 91 – 148 5,501 Direct Line Insurance Group 2,904 – – – 2,904 Dixons Carphone Plc 2,112 – – 2,112 – Easyjet Plc 528 – – – 528 Experian Plc 2,126 – – – 2,126 Fresnillo Plc 360 – – – 360 G4S Plc – 3,446 – – 3,446 GKN Plc 3,624 – – – 3,624 Glaxosmithkline Plc 10,738 131 – 86 10,783 Glencore Plc 25,748 25,748 – 25,748 25,748 Hammerson Plc 1,656 – – – 1,656 Hargreaves Lansdown Plc 612 – – – 612 Hikma Pharmaceuticals Plc 288 – – 288 –

286 iShares Asia Trust iShares FTSE 100 Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) HSBC Holdings Plc 44,051 1,013 – 324 44,740 Imperial Brands Plc 2,145 – – – 2,145 Informa Plc 1,781 – – – 1,781 Intercontinental Hotels Grou 468 – (19) (35) 414 Intertek Group Plc 336 50 – – 386 Intl Consolidated Airline – Di 3,672 – – – 3,672 Intu Properties Plc 1,992 – – 1,992 – ITV Plc 7,944 961 – – 8,905 Johnson Matthey Plc 408 – – – 408 Kingfisher Plc 4,824 – – – 4,824 Land Securities Group Plc 1,656 192 – – 1,848 Legal & General Group Plc 13,115 – – – 13,115 Lloyds Banking Group Plc 141,348 17,481 – – 158,829 London Stock Exchange Group 672 65 – – 737 Marks & Spencer Group Plc 3,432 – – – 3,432 Mediclinic International Plc 840 – – – 840 Merlin Entertainment 1,512 – – – 1,512 Micro Focus International 471 – – – 471 Mondi Plc 768 117 – 77 808 National Grid Plc 8,332 – (695) – 7,637 Next Plc 312 – – – 312 Old Mutual Plc 10,368 1,101 – 718 10,751 Paddy Power Betfair Plc 180 – – – 180 Pearson Plc 1,752 – – – 1,752 Persimmon Plc 648 – – – 648 Provident Financial Plc 312 – – – 312 Prudential Plc 5,702 117 – – 5,819 Randgold Resources Ltd 219 – – – 219 Reckitt Benckiser Group Plc 1,386 27 – 27 1,386 Relx Plc 2,419 – – – 2,419 Rentokil Initial Plc – 4,023 – – 4,023 Rio Tinto Plc 2,675 – – – 2,675 Rolls-Royce Holdings Plc 3,802 – – – 3,802 Royal Bank of Scotland Group 6,936 346 – – 7,282 Royal Dutch Shell Plc – A Shs 9,634 404 – 64 9,974 Royal Dutch Shell Plc – B Shs 8,265 96 – – 8,361 Royal Mail Plc 1,920 – – – 1,920 RSA Insurance Group Plc 2,160 – – – 2,160 Sage Group Plc/The 2,280 275 – – 2,555 Sainsbury (J) Plc 4,043 – – – 4,043 Schroders Plc 240 – – – 240

iShares Asia Trust 287 iShares FTSE 100 Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Scottish Mortgage Inv Tr Plc – 2,959 – – 2,959 Segro Plc – 2,220 – – 2,220 Severn Trent Plc 504 – – – 504 Shire Plc 1,985 – – – 1,985 Sky Plc 2,232 213 – 138 2,307 Smith & Nephew Plc 1,878 195 – 127 1,946 Smiths Group Plc 828 – – – 828 Smurfit Kappa Group Plc 518 – – – 518 SSE Plc 2,220 – – – 2,220 St James’s Place Plc 1,104 – – – 1,104 Standard Chartered Plc 5,928 – – – 5,928 Standard Life Plc 4,152 531 – – 4,683 Taylor Wimpey Plc 6,912 – – – 6,912 Tesco Plc 17,942 – – – 17,942 TUI AG – Di 984 – – – 984 Unilever Plc 2,665 – – – 2,665 United Utilities Group Plc 1,440 206 – – 1,646 Vodafone Group Plc 58,662 949 – – 59,611 Whitbread Plc 384 51 – 34 401 WM Morrison Supermarkets 4,584 – – – 4,584 Wolseley Plc 561 – – – 561 Worldpay Group Plc 3,585 835 – – 4,420 WPP Plc 2,821 – – – 2,821 Unlisted equities Rolls-Royce Holdings – Entitl 313,260 – 269,942 313,260 269,942

288 iShares Asia Trust iShares FTSE 100 Index ETF (a Sub-Fund of iShares Asia Trust) Performance Record (unaudited)

Net Asset Value

Dealing Dealing Net asset value Net asset value per unit of the Sub-Fund GBP GBP At end of financial period dated 31st December 2016 0.83 3,988,724 30th June 2017 0.87 4,167,746

Highest and lowest net asset value per unit

Highest net asset Lowest net asset value per unit value per unit GBP GBP Financial period ended 31st December 2016 (since inception) 0.83 0.69 30th June 2017 0.89 0.83

iShares Asia Trust 289 iShares NASDAQ 100 Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) As at 30th June 2017

Fair value % of Investments (99.86%) Holdings US$ Net Assets Listed Equities (99.86%) Argentina (0.17%) Mercadolibre Inc 55 13,798 0.17 13,798 0.17 China (2.02%) Baidu Inc – Spon ADR 348 62,243 0.77 Ctrip.Com International – ADR 557 30,000 0.37 JD.Com Inc – ADR 1,110 43,534 0.54 Netease Inc – ADR 90 27,057 0.34 162,834 2.02 Ireland (0.17%) Seagate Technology 360 13,950 0.17 13,950 0.17 Israel (0.28%) Check Point Software Tech 210 22,907 0.28 22,907 0.28 Singapore (1.44%) Broadcom Ltd 496 115,593 1.44 115,593 1.44 United Kingdom (0.90%) Liberty Global Plc – A 360 11,563 0.15 Liberty Global Plc – C 810 25,256 0.31 Liberty Global Plc Lilac – A 62 1,350 0.02 Liberty Global Plc Lilac – C 147 3,147 0.04 Shire Plc – ADR 104 17,188 0.21 Vodafone Group Plc – SP ADR 480 13,791 0.17 72,295 0.90 United States (94.88%) Activision Blizzard Inc 943 54,289 0.67 Adobe Systems Inc 618 87,410 1.09 Akamai Technologies Inc 210 10,460 0.13 Alexion Pharmaceuticals Inc 270 32,851 0.41 Alphabet Inc – Cl A 369 343,052 4.26 Alphabet Inc – Cl C 432 392,571 4.87 Amazon.Com Inc 594 574,992 7.14 American Airlines Group Inc 643 32,356 0.40 Amgen Inc 914 157,418 1.95 Analog Devices Inc 456 35,477 0.44

290 iShares Asia Trust iShares NASDAQ 100 Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.86%) (Continued) Holdings US$ Net Assets Listed Equities (99.86%) (Continued) United States (94.88%) (Continued) Apple Inc 6,488 934,402 11.60 Applied Materials Inc 1,320 54,529 0.68 Autodesk Inc 270 27,221 0.34 Automatic Data Processing 570 58,402 0.73 Biogen Inc 270 73,267 0.91 Biomarin Pharmaceutical Inc 210 19,072 0.24 CA Inc 510 17,580 0.22 Celgene Corp 960 124,675 1.55 Cerner Corp 420 27,917 0.35 Charter Communications Inc – A 330 111,161 1.38 Cintas Corp 131 16,511 0.21 Cisco Systems Inc 6,229 194,968 2.42 Citrix Systems Inc 180 14,324 0.18 Cognizant Tech Solutions – A 750 49,800 0.62 Comcast Corp – Class A 5,887 229,122 2.85 Costco Wholesale Corp 540 86,362 1.07 CSX Corp 1,170 63,835 0.79 Dentsply Sirona Inc 300 19,452 0.24 Discovery Communications – A 180 4,649 0.06 Discovery Communications – C 300 7,563 0.09 Dish Network Corp – A 270 16,945 0.21 Dollar Tree Inc 300 20,976 0.26 Ebay Inc 1,410 49,237 0.61 Electronic Arts Inc 393 41,548 0.52 Expedia Inc 180 26,811 0.33 Express Scripts Holding Co 780 49,795 0.62 Facebook Inc – A 2,941 444,032 5.51 Fastenal Co 360 15,671 0.19 Fiserv Inc 270 33,032 0.41 Gilead Sciences Inc 1,620 114,664 1.42 Hasbro Inc 153 17,061 0.21 Henry Schein Inc 103 18,851 0.23 Hologic Inc 343 15,565 0.19 Hunt (JB) Transport Svcs Inc 138 12,610 0.16 IDEXX Laboratories Inc 109 17,595 0.22 Illumina Inc 180 31,234 0.39 Incyte Corp 240 30,218 0.38 Intel Corp 5,805 195,861 2.43 Intuit Inc 313 41,570 0.52 Intuitive Surgical Inc 46 43,027 0.53

iShares Asia Trust 291 iShares NASDAQ 100 Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.86%) (Continued) Holdings US$ Net Assets Listed Equities (99.86%) (Continued) United States (94.88%) (Continued) KLA – Tencor Corp 195 17,844 0.22 Kraft Heinz Co/The 1,500 128,460 1.60 Lam Research Corp 188 26,589 0.33 Liberty Interactive Corp Q – A 540 13,252 0.17 Liberty Ventures – Ser A 107 5,595 0.07 Marriott International – Cl A 476 47,748 0.59 Mattel Inc 420 9,043 0.11 Maxim Integrated Products 360 16,164 0.20 Microchip Technology Inc 285 21,996 0.27 Micron Technology Inc 1,375 41,058 0.51 Microsoft Corp 9,580 660,349 8.20 Mondelez International Inc – A 1,890 81,629 1.01 Monster Beverage Corp 720 35,770 0.44 Mylan NV 630 24,457 0.30 Netflix Inc 523 78,141 0.97 Norwegian Cruise Line Holdin 270 14,658 0.18 Nvidia Corp 740 106,974 1.33 O’Reilly Automotive Inc 120 26,249 0.33 Paccar Inc 420 27,737 0.34 Paychex Inc 450 25,623 0.32 Paypal Holdings Inc 1,470 78,895 0.98 Priceline Group Inc/The 60 112,231 1.39 Qualcomm Inc 1,843 101,770 1.26 Regeneron Pharmaceuticals 134 65,813 0.82 Ross Stores Inc 480 27,710 0.34 Sirius XM Holdings Inc 6,060 33,148 0.41 Skyworks Solutions Inc 240 23,028 0.29 Starbucks Corp 1,800 104,958 1.30 Symantec Corp 750 21,188 0.26 Tesla Inc (formerly known as Tesla Motors Inc) 204 73,768 0.92 Texas Instruments Inc 1,230 94,624 1.18 T-Mobile US Inc 1,038 62,924 0.78 Tractor Supply Company 150 8,132 0.10 Twenty-First Century Fox – A 1,350 38,259 0.48 Twenty-First Century Fox – B 990 27,591 0.34 Ulta Beauty Inc (formerly known as Ulta Salon Cosmetics & Fragr) 74 21,263 0.26 Verisk Analytics Inc 210 17,718 0.22 Vertex Pharmaceuticals Inc 300 38,661 0.48 Viacom Inc – Class B 420 14,099 0.18

292 iShares Asia Trust iShares NASDAQ 100 Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (99.86%) (Continued) Holdings US$ Net Assets Listed Equities (99.86%) (Continued) United States (94.88%) (Continued) Walgreens Boots Alliance Inc 1,350 105,719 1.31 Western Digital Corp 370 32,782 0.41 Wynn Resorts Ltd 126 16,899 0.21 Xilinx Inc 300 19,296 0.24 7,641,803 94.88 Total investments 8,043,180 99.86 Other net assets 11,392 0.14 Net assets attributable to unitholders at 30th June 2017 8,054,572 100.00 Total investments, at cost 6,328,853

iShares Asia Trust 293 iShares NASDAQ 100 Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) For the period ended 30th June 2017

Holdings Corporate Investments 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities Activision Blizzard Inc 1,020 43 – 120 943 Adobe Systems Inc 680 18 – 80 618 Akamai Technologies Inc 238 – – 28 210 Alexion Pharmaceuticals Inc 306 – – 36 270 Alphabet Inc – Cl A 408 9 – 48 369 Alphabet Inc – Cl C 476 12 – 56 432 Altaba Inc (formerly known as Yahoo! Inc) 1,326 – – 1,326 – Amazon.Com Inc 659 11 – 76 594 American Airlines Group Inc 727 – – 84 643 Amgen Inc 1,034 – – 120 914 Analog Devices Inc 442 66 – 52 456 Apple Inc 7,370 68 – 950 6,488 Applied Materials Inc 1,496 – – 176 1,320 Autodesk Inc 306 – – 36 270 Automatic Data Processing 646 – – 76 570 Baidu Inc – Spon ADR 374 18 – 44 348 Biogen Inc 306 270 – 306 270 Biomarin Pharmaceutical Inc 238 – – 28 210 Bioverativ Inc – 135 – 135 – Broadcom Ltd 544 16 – 64 496 CA Inc 578 – – 68 510 Celgene Corp 1,088 – – 128 960 Cerner Corp 476 – – 56 420 Charter Communications Inc – A 374 – – 44 330 Check Point Software Tech 238 – – 28 210 Cintas Corp 147 – – 16 131 Cisco Systems Inc 6,970 79 – 820 6,229 Citrix Systems Inc 204 180 – 204 180 Cognizant Tech Solutions – A 850 – – 100 750 Comcast Corp – Class A 3,294 75 2,906 388 5,887 Costco Wholesale Corp 612 – – 72 540 CSX Corp 1,326 – – 156 1,170 Ctrip.Com International – ADR 580 45 – 68 557 Dentsply Sirona Inc 340 – – 40 300 Discovery Communications – A 204 – – 24 180 Discovery Communications – C 340 – – 40 300 Dish Network Corp – A 306 – – 36 270 Dollar Tree Inc 340 – – 40 300 Ebay Inc 1,598 – – 188 1,410 Electronic Arts Inc 408 33 – 48 393

294 iShares Asia Trust iShares NASDAQ 100 Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Expedia Inc 204 – – 24 180 Express Scripts Holding Co 884 – – 104 780 Facebook Inc – A 3,228 120 – 407 2,941 Fastenal Co 408 – – 48 360 Fiserv Inc 306 – – 36 270 Gilead Sciences Inc 1,836 – – 216 1,620 Hasbro Inc 173 – – 20 153 Henry Schein Inc 115 – – 12 103 Hologic Inc 387 – – 44 343 Hunt (JB) Transport Svcs Inc – 138 – – 138 IDEXX Laboratories Inc – 109 – – 109 Illumina Inc 204 – – 24 180 Incyte Corp 272 – – 32 240 Intel Corp 6,581 – – 776 5,805 Intuit Inc 353 – – 40 313 Intuitive Surgical Inc 50 – – 4 46 JD.Com Inc – ADR 1,258 – – 148 1,110 KLA – Tencor Corp 219 – – 24 195 Kraft Heinz Co/The 1,700 – – 200 1,500 Lam Research Corp 238 – – 50 188 Liberty Global Plc – A 408 – – 48 360 Liberty Global Plc – C 918 – – 108 810 Liberty Global Plc Lilac – A – 62 – – 62 Liberty Global Plc Lilac – C 167 – – 20 147 Liberty Interactive Corp Q – A 612 – – 72 540 Liberty Ventures – Ser A 119 – – 12 107 Logmein Inc – 30 – 30 – Marriott International – Cl A 540 – – 64 476 Mattel Inc 476 – – 56 420 Maxim Integrated Products 408 – – 48 360 Mercadolibre Inc – 55 – – 55 Microchip Technology Inc 290 31 – 36 285 Micron Technology Inc 1,428 115 – 168 1,375 Microsoft Corp 10,750 94 – 1,264 9,580 Mondelez International Inc – A 2,142 – – 252 1,890 Monster Beverage Corp 816 – – 96 720 Mylan NV 714 – – 84 630 Netease Inc – ADR 102 – – 12 90 Netflix Inc 591 – – 68 523 Norwegian Cruise Line Holdin 306 – – 36 270

iShares Asia Trust 295 iShares NASDAQ 100 Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings Corporate Investments (Continued) 01.01.2017 Additions action Disposals 30.06.2017 Listed Equities (Continued) Nvidia Corp 748 80 – 88 740 NXP Semiconductors NV 476 – – 476 – O’Reilly Automotive Inc 136 – – 16 120 Paccar Inc 476 – – 56 420 Paychex Inc 510 – – 60 450 Paypal Holdings Inc 1,666 – – 196 1,470 Priceline Group Inc/The 68 – – 8 60 Qualcomm Inc 2,040 43 – 240 1,843 Regeneron Pharmaceuticals 150 – – 16 134 Ross Stores Inc 544 – – 64 480 SBA Communications Corp – Cl A 170 – – 170 – Seagate Technology 408 – – 48 360 Shire Plc – ADR 120 – – 16 104 Sirius XM Holdings Inc 6,868 – – 808 6,060 Skyworks Solutions Inc 272 – – 32 240 Starbucks Corp 2,040 – – 240 1,800 Symantec Corp 850 – – 100 750 Tesla Inc (formerly known as Tesla Motors Inc) 204 24 – 24 204 Texas Instruments Inc 1,394 – – 164 1,230 T-Mobile US Inc 1,122 48 – 132 1,038 Tractor Supply Company 170 – – 20 150 Tripadvisor Inc 170 – – 170 – Twenty-First Century Fox – A 1,530 – – 180 1,350 Twenty-First Century Fox – B 1,122 – – 132 990 Ulta Beauty Inc (formerly known as Ulta Salon Cosmetics & Fragr) 82 – – 8 74 Verisk Analytics Inc 238 – – 28 210 Vertex Pharmaceuticals Inc 340 – – 40 300 Viacom Inc – Class B 476 – – 56 420 Vodafone Group Plc – SP ADR 544 – – 64 480 Walgreens Boots Alliance Inc 1,496 30 – 176 1,350 Western Digital Corp 374 40 – 44 370 Wynn Resorts Ltd – 126 – – 126 Xilinx Inc 340 – – 40 300

296 iShares Asia Trust iShares NASDAQ 100 Index ETF (a Sub-Fund of iShares Asia Trust) Performance Record (unaudited)

Net Asset Value

Dealing Dealing Net asset value Net asset value per unit of the Sub-Fund US$ US$ At end of financial period dated 31st December 2016 1.15 7,845,929 30th June 2017 1.34 8,054,572

Highest and lowest net asset value per unit

Highest net asset Lowest net asset value per unit value per unit US$ US$ Financial period ended 31st December 2016 (since inception) 1.18 0.99 30th June 2017 1.40 1.17

iShares Asia Trust 297 iShares Core Hang Seng Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) As at 30th June 2017

Fair value % of Investments (98.63%) Holdings HK$ Net Assets Listed Equities (98.64%) China (70.15%) AAC Technologies Holdings In 22,484 2,194,438 0.85 AIA Group Ltd 373,534 21,310,115 8.28 Bank of China Ltd – H 2,461,234 9,426,526 3.66 Bank of Communications Co – H 273,704 1,508,109 0.59 Bank of East Asia Ltd 44,915 1,506,898 0.59 Belle International Holdings 205,590 1,266,434 0.49 BOC Hong Kong Holdings Ltd 115,563 4,316,278 1.68 Cathay Pacific Airways 24,727 299,691 0.12 China Construction Bank – H 3,352,217 20,280,913 7.88 China Life Insurance Co – H 229,706 5,478,488 2.13 China Mengniu Dairy Co 83,736 1,281,161 0.50 China Merchants Port Holding 39,600 857,340 0.33 China Mobile Ltd 190,237 15,761,136 6.12 China Overseas Land & Invest 119,815 2,737,773 1.06 China Petroleum & Chemical – H 787,902 4,798,323 1.86 China Resources Land Ltd 86,896 1,976,884 0.77 China Resources Power Holdin 58,711 899,453 0.35 China Shenhua Energy Co – H 106,293 1,847,372 0.72 China Unicom Hong Kong Ltd 187,509 2,175,104 0.84 Citic Ltd 181,493 2,130,728 0.83 CLP Holdings Ltd 59,146 4,885,460 1.90 CNOOC Ltd 551,643 4,716,548 1.83 Geely Automobile Holdings Lt 167,060 2,813,291 1.09 Hang Seng Bank Ltd 23,878 3,899,277 1.51 Hengan Intl Group Co Ltd 22,165 1,276,704 0.50 Hong Kong & China Gas 261,680 3,841,462 1.49 Ind & Comm Bk of China – H 2,285,986 12,047,146 4.68 Kunlun Energy Co Ltd 98,395 651,375 0.25 Lenovo Group Ltd 220,055 1,084,871 0.42 MTR Corp 45,978 2,020,733 0.78 Petrochina Co Ltd – H 658,671 3,148,447 1.22 Ping An Insurance Group Co – H 161,693 8,319,105 3.23 Sands China Ltd 75,746 2,707,920 1.05 Tencent Holdings Ltd 93,661 26,150,151 10.15 Want Want China Holdings Ltd 196,002 1,032,931 0.40 180,648,585 70.15

298 iShares Asia Trust iShares Core Hang Seng Index ETF (a Sub-Fund of iShares Asia Trust) Investment Portfolio (unaudited) (Continued) As at 30th June 2017

Fair value % of Investments (98.63%) (Continued) Holdings HK$ Net Assets Listed Equities (98.64%) (Continued) Hong Kong (28.49%) Cheung Kong Property Holding 82,252 5,029,710 1.95 CK Hutchison Holdings Ltd 83,463 8,179,374 3.18 CK Infrastructure Holdings L 20,215 1,326,104 0.51 Galaxy Entertainment Group L 71,922 3,409,103 1.32 Hang Lung Properties Ltd 61,471 1,198,684 0.47 Henderson Land Development 37,483 1,632,385 0.63 Hong Kong Exchanges & Clear 36,065 7,277,917 2.83 HSBC Holdings Plc 372,885 27,090,095 10.52 Link Reit 68,999 4,098,541 1.59 New World Development 181,518 1,798,843 0.70 Power Assets Holdings Ltd 43,399 2,992,361 1.16 Sino Land Co 87,753 1,123,238 0.44 Sun Hung Kai Properties 40,621 4,659,229 1.81 Swire Pacific Ltd – Cl A 14,764 1,125,755 0.44 Wharf Holdings Ltd 37,250 2,410,075 0.94 73,351,414 28.49 Total listed equity 253,999,999 98.64 Futures (-0.01%) Hong Kong (-0.01%) Mini Hang Seng Index Futures Jul 17 10 (13,300) (0.01) Total futures (13,300) (0.01) Total investments 253,986,699 98.63 Other net assets 3,530,284 1.37 Net assets attributable to unitholders at 30th June 2017 257,516,983 100.00 Total investments, at cost 222,005,050

iShares Asia Trust 299 iShares Core Hang Seng Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) For the period ended 30th June 2017

Holdings 18.11.2016 (date of Corporate Investments inception) Additions action Disposals 30.06.2017 Listed Equities AAC Technologies Holdings In – 80,652 – 58,168 22,484 AIA Group Ltd – 1,314,744 – 941,210 373,534 Bank of China Ltd – H – 8,662,910 – 6,201,676 2,461,234 Bank of Communications Co – H – 961,706 – 688,002 273,704 Bank of East Asia Ltd – 155,342 – 110,427 44,915 Belle International Holdings – 725,172 – 519,582 205,590 BOC Hong Kong Holdings Ltd – 404,200 – 288,637 115,563 Cathay Pacific Airways – 126,876 – 102,149 24,727 Cheung Kong Property Holding – 292,254 – 210,002 82,252 China Construction Bank – H – 11,703,514 – 8,351,297 3,352,217 China Life Insurance Co – H – 811,862 – 582,156 229,706 China Mengniu Dairy Co – 300,880 – 217,144 83,736 China Merchants Port Holding – 139,680 – 100,080 39,600 China Mobile Ltd – 671,182 – 480,945 190,237 China Overseas Land & Invest – 429,890 – 310,075 119,815 China Petroleum & Chemical – H – 2,784,384 – 1,996,482 787,902 China Resources Land Ltd – 301,984 – 215,088 86,896 China Resources Power Holdin – 212,610 – 153,899 58,711 China Shenhua Energy Co – H – 369,802 – 263,509 106,293 China Unicom Hong Kong Ltd – 657,498 – 469,989 187,509 Citic Ltd – 632,262 – 450,769 181,493 CK Hutchison Holdings Ltd – 294,418 – 210,955 83,463 CK Infrastructure Holdings L – 72,198 – 51,983 20,215 CLP Holdings Ltd – 206,700 – 147,554 59,146 CNOOC Ltd – 1,947,630 – 1,395,987 551,643 Galaxy Entertainment Group L – 257,200 – 185,278 71,922 Geely Automobile Holdings Lt – 455,000 – 287,940 167,060 Hang Lung Properties Ltd – 220,474 – 159,003 61,471 Hang Seng Bank Ltd – 83,756 – 59,878 23,878 Henderson Land Development – 120,370 5,366 88,253 37,483 Hengan Intl Group Co Ltd – 78,182 – 56,017 22,165 Hong Kong & China Gas – 834,038 38,088 610,446 261,680 Hong Kong Exchanges & Clear – 126,354 – 90,289 36,065 HSBC Holdings Plc – 1,441,864 – 1,068,979 372,885 Ind & Comm Bk of China – H – 8,063,750 – 5,777,764 2,285,986 Kunlun Energy Co Ltd – 347,066 – 248,671 98,395 Lenovo Group Ltd – 776,194 – 556,139 220,055 Li & Fung Ltd – 633,216 – 633,216 – Link Reit – 243,142 – 174,143 68,999

300 iShares Asia Trust iShares Core Hang Seng Index ETF (a Sub-Fund of iShares Asia Trust) Statement of Movements in Investment Portfolio (unaudited) (Continued) For the period ended 30th June 2017

Holdings 18.11.2016 (date of Corporate Investments (Continued) inception) Additions action Disposals 30.06.2017 Listed Equities (Continued) MTR Corp – 159,916 – 113,938 45,978 New World Development – 640,346 – 458,828 181,518 Petrochina Co Ltd – H – 2,311,860 – 1,653,189 658,671 Ping An Insurance Group Co – H – 569,272 – 407,579 161,693 Power Assets Holdings Ltd – 151,686 – 108,287 43,399 Sands China Ltd – 264,954 – 189,208 75,746 Sino Land Co – 337,352 – 249,599 87,753 Sun Hung Kai Properties – 142,068 – 101,447 40,621 Swire Pacific Ltd – Cl A – 53,544 – 38,780 14,764 Tencent Holdings Ltd – 410,892 – 317,231 93,661 Want Want China Holdings Ltd – 768,914 – 572,912 196,002 Wharf Holdings Ltd – 146,368 – 109,118 37,250 Futures Mini Hang Seng Index Futures Jun 17 – 8 – 8 – Mini Hang Seng Index Futures Jul 17 – 10 – – 10 Unlisted rights Bank of Communications Co – H – Rights – – 1,186 1,186 –

iShares Asia Trust 301 iShares Core Hang Seng Index ETF (a Sub-Fund of iShares Asia Trust) Performance Record (unaudited)

Net Asset Value

Dealing Dealing Net asset value Net asset value per unit of the Sub-Fund HK$ HK$ At end of financial period dated 30th June 2017 93.64 257,516,983

Highest and lowest net asset value per unit

Highest net asset Lowest net asset value per unit value per unit HK$ HK$ Financial period ended 30th June 2017 (since inception) 94.80 77.58

302 iShares Asia Trust iShares Asia Trust

Management and Administration

Directors of the Manager Manager Andrew Reynolds BlackRock Asset Management North Asia Limited Belinda Boa 16/F, Champion Tower Graham Douglas Turl 3 Garden Road Ryan David Stork Central Sam Y. Kim Hong Kong Susan Wai-Lan Chan

Trustee Registrar for all Sub-Funds (excluding MSCI China ETF) HSBC Institutional Trust Services (Asia) Limited HSBC Institutional Trust Services (Asia) Limited 1 Queen’s Road Central 1 Queen’s Road Central Hong Kong Hong Kong

Custodian (excluding MSCI China A ETF, A50 China ETF Custodian for A50 China ETF, MSCI China A ETF and and CSI 300 ETF) CSI 300 ETF only HSBC Institutional Trust Services (Asia) Limited The Hongkong and Shanghai Banking Corporation Limited 1 Queen’s Road Central 1 Queen’s Road Central Hong Kong Hong Kong

QFII Custodian QFII Licence Holder for A50 China ETF Citibank (China) Co., Limited BlackRock Asset Management North Asia Limited Citigroup Tower 16/F, Champion Tower No.33, Hua Yuan Shi Qiao Road 3 Garden Road Lu Jia Zui Finance and Trade Area Central Shanghai 200120 PRC Hong Kong

RQFII Custodian RQFII Licence Holder for MSCI China A ETF HSBC Bank (China) Company Limited BlackRock Advisors (UK) Limited 33th Floor, HSBC Building, Shanghai IFC 12 Throgmorton Avenue 8 Century Avenue, Pudong District London EC2N 2DL United Kingdom Shanghai 200120 PRC

Registrar for MSCI China ETF RQFII Licence Holder for A50 China ETF Hong Kong Registrars Limited BlackRock Asset Management North Asia Limited 17th Floor Hopewell Centre 16/F, Champion Tower 183 Queen’s Road East, Wan Chai 3 Garden Road Hong Kong Central Hong Kong

Conversion Agent for MSCI China ETF RQFII Licence Holder for A50 China ETF HK Conversion Agency Services Limited and CSI 300 ETF 12th Floor BlackRock (Singapore) Limited One International Finance Centre #18-01, Twenty Anson 1 Harbour View Street 20 Anson Road, Central Singapore 079912 Hong Kong

Auditor Service Agent for all Sub-Funds (excluding MSCI China ETF) PricewaterhouseCoopers HK Conversion Agency Services Limited 22nd Floor 12th Floor Prince’s Building One International Finance Centre Central 1 Harbour View Street Hong Kong Central Hong Kong

iShares Asia Trust 303 This page is intentionally blank About us

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